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Cardiac Arrest or Dizzy Spell
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Cardiac Arrest or Dizzy Spell

Why Is World Trade So Weak and What Can Policy Do About It?

David Haugh, Alexandre Kopoin, Elena Rusticelli, David Turner and Richard Dutu
OECD, 2016
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Editorial Rating

8

Qualities

  • Comprehensive
  • Analytical
  • Well Structured

Recommendation

International leaders are grappling with an ideological and pragmatic clash over globalization, trade and their combined effects on the economic conditions of not only individual countries but also of the worldwide commercial architecture. Yet the current political and economic environment highlights a concern that has been brewing since the dawn of the 21st century: Trade volume has barely kept pace with global GDP growth since 2008. OECD economists dissect the specifics of the downdraft of worldwide trade and its consequences. getAbstract recommends this authoritative report on the critical elements of trade inertia to economists and corporate executives.

Take-Aways

  • World trade posted explosive growth from the late 1980s to 2007, averaging 6.50% in annual volume increases. But it turned downward after the global financial crisis and has remained sluggish, growing at a 3.25% yearly pace from 2012 to 2015.
  • Reasons for the two-decade-long expansion include China’s entry onto the world economic stage, the ascent of global value chains, and the synergies and cooperation arising from global trade initiatives.
  • To accelerate growth, leaders must repeal protectionist policies while creating strong partnerships that emphasize regional and multilateral trade accords.

About the Authors

David Haugh et al. are economists at the OECD. 

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