Managing Trade Policy During the Economic Crisis
The global economic crisis has triggered rapid responses by governments worldwide to counteract its domestic effects, through fiscal stimulus packages, expansionary monetary policies, and financial bailouts. Ad hoc trade policy measures are increas...
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| Format: | Brief |
| Language: | English |
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World Bank, Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2009/07/11362161/managing-trade-policy-during-economic-crisis http://hdl.handle.net/10986/11113 |
| Summary: | The global economic crisis has triggered
rapid responses by governments worldwide to counteract its
domestic effects, through fiscal stimulus packages,
expansionary monetary policies, and financial bailouts. Ad
hoc trade policy measures are increasingly being put in
place. All countries share the responsibility of preserving
a stable and predictable trade policy environment. To this
end, trade policies must contribute to maintaining an open
trading system consistent with World Trade Organization
(WTO) principles. With the sharp decline in global
merchandise trade volumes, expected to fall by 9 percent in
2009, countries have resorted to an array of measures to
counter the detrimental effects of the crisis on their
respective economies. Because this decline is a consequence
of a deterioration of global demand, trade measures are not
an effective response to this problem. On the contrary,
policies that contribute to an open and stable trading
system are the best policy option for the world community,
especially in the current context. |
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