The G-20 and Protectionism — A July 2015 Update

Simon J. Evenett

14/07/2015

"The past month has seen the publication of four reports that reveal much about the slowdown of export growth and the trade distortions that have the greatest reach. Since restoring economic growth is a key G-20 mandate factors that hold back global exports should be a priority. The G-20 should rein in the most important trade distortions, many of which don’t receive the attention they deserve in official monitoring of protectionism.

Recent reports confirm 2015 export growth slowdown

Worse, when measured in US dollars, total exports of the G-7 countries have not yet to recover to pre-crisis peaks. Among the large emerging markets mentioned above, only China manages to export more than before the crisis. All of this diminishes the contribution that exports are making to the recoveries of G-20 economies. The markdowns in forecasted growth for 2015 and 2016 reported in the IMF’s July 2015 World Economic Outlook suggest that G-20 economies cannot afford another pronounced export slowdown.

The past month has seen the publication of four reports that reveal much about the slowdown of export growth and the trade distortions that have the greatest reach. Since restoring economic growth is a key G-20 mandate factors that hold back global exports should be a priority. The G-20 should rein in the most important trade distortions, many of which don’t receive the attention they deserve in official monitoring of protectionism.

All too often fast export growth is used to demote trade policy; with the current global economic slowdown there is no room for complacency."

The G-20 and Protectionism — A July 2015 Update