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Daniel Gros: The end of globalisation?

Daniel Gros 

Daniel Gros

China has just announced that last year, for the first time since it began opening up its economy to the world at the end of the 1970s, exports declined on an annual basis. And that is not all; in value terms, global trade declined in 2015. The obvious question is why.

While global trade also fell in 2009, the explanation was obvious: The world was experiencing a sharp contraction in GDP at the time. Last year, however, the world economy grew by a respectable three per cent. Moreover, trade barriers have not risen significantly anywhere, and transport costs are falling, owing to the sharp ...

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First Published: Wed, March 16 2016. 21:48 IST
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