Global Trade Will Survive Recession Despite Protectionism
A former US trade official said that global trade will survive despite the existence of protectionism or the practice of restraining trades between countries and implementation of rules to discourage imports.
In a conference with economic leaders, Charlene Barshefsky said the impact of protectionism is very modest when compared to the severity of the situation during the Great Depression.
A former US trade official said on Thursday that global trade will survive despite the existence of protectionism or the practice of restraining trades between countries and implementation of rules to discourage imports.
In a conference attended by world economic leaders, Charlene Barshefsky said the impact of protectionism is very modest when compared to the severity of the situation during the 1930 and 1940’s Great Depression.
The former trade officials who worked under President Bill Clinton also said that most countries are expected to adopt protectionist measures to put first the interest of its people especially when the global economy is experiencing prolonged recession.
While most nations are apprehensive with trading activities, Barshefsky said that governments “have then realized that trade between countries is a critical factor to allow economic growth.”
“Trading is a critical factor that will prevent the global finances from stagnating”, Barshefsky added.
Earlier report said that the World Trade Organization (WT0) has warned governments from implementing protectionism saying that this can even aggravate economic slowdown. During the Great Depression, experts said that protectionism is the main cause why the US economy had collapsed.
WTO also urged nations to refrain from implementing regulations that will hurt the global economy.
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