Lower and more volatile growth prospects brought about by recent crises are increasing the risks of deepening economic divide between and within countries. Not only is income inequality rising in many economies but inequality of opportunity is also increasing. There are also strong disparities among regions, with lagging regions suffering lower productivity, growth and employment opportunities
Making trade work for all
Uncertainty and tensions in the trading system alongside heightened public concerns about globalisation are putting open trade under threat. While in many developing economies, trade is still generally regarded positively as a source of growth, development and jobs, some advanced economies (even where people support trade in principle) have more mixed views about particular trade agreements and trading relationships. With the COVID-19 pandemic, it became evident that no country is able to meet all of its needs, and international trade was crucial to ensure a resilient supply of a wide range of essential goods, including for producing and distributing vaccines. Notwithstanding this realisation, many continue to believe that the current system is unfair and is not working for them.
Key links
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