Making Trade an Engine of Growth for All
Jim Yong Kim, President of the World Bank Group, addressed the topic of trade as an engine of growth. Advanced markets are experiencing low growth and in emerging markets, growth rates have fallen by almost 1 percentage point since 2013. This is not just about numbers, the...
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| Format: | Speech |
| Language: | English |
| Published: |
World Bank, Washington, DC
2019
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| Online Access: | http://documents.worldbank.org/curated/en/698511536642239784/Speech-by-Jim-Yong-Kim-at-the-IMF-WTO-World-Bank-Group-Event-Making-Trade-an-Engine-of-Growth-for-All http://hdl.handle.net/10986/31095 |
| Summary: | Jim Yong Kim, President of the World Bank Group, addressed the topic of trade as an engine of growth. Advanced markets are experiencing low growth and in emerging
markets, growth rates have fallen by almost 1 percentage
point since 2013. This is not just about numbers, these
economic developments are limiting opportunities for
billions of people around the world, and making it harder to
achieve the goal of ending extreme poverty by 2030. One of
the drivers of this low growth pattern is the decrease in
trade growth. Global trade has slowed from an average yearly
growth of 7 percent before the financial crisis to less than
3 percent today. Projections for 2016 indicate an even
further slowdown. All this comes at a time when we need more
cooperation, greater economic integration and stronger
partnerships than ever before for the world economy to
continue to grow in a sustainable way. We must respond with a push for lower trade costs, support for multilateral trade negotiations, resist protectionism, and support trade policy reform and greater global trade integration. |
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