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Big economies like India, China to suffer more if trade tariffs rise: OECD

Global growth would slow as rates in the big emerging economies, now on average over five percent, converged with the 2 percent expected on average in OECD counties by 2060

Reuters  |  PARIS 

Big emerging economies like China and India will suffer more than developed countries if trade tariffs return to 1990 levels, the OECD said on Thursday in an update of its long-term economic projections. The Organisation for Economic Cooperation and Development estimated that higher average import tariffs would gradually knock half a percentage point off real global GDP growth. By the end of the OECD's forecast horizon in 2060, that would leave world average living standards about 14 percent lower than they could otherwise be expected to be. However, Brazil, Russia, ...

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First Published: Thu, July 12 2018. 17:55 IST