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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?

OECD,

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World trade has been mired in malaise since the global financial crisis.

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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.

Summary

Global trade posted explosive growth from the late 1980s to 2007, averaging 6.50% in annual volume increases. But it turned decidedly downward after the onset of the global financial crisis and has remained sluggish, growing at a 3.25% yearly pace from 2012 to 2015. Experts measuring “world trade intensity,” defined as “world exports plus imports/GDP,” find that its robust 3.4% average annual growth from 1986 to 2007 has slowed to a paltry 1.3% from 2011 to 2015.

Economists assessing this anemic state point to multiple factors that fueled the ...

About the Authors

David Haugh et al. are economists at the OECD. 

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