Dass: Today, the era of open markets and open borders – where trade and transnational capital flows rose rapidly as a share of global output may have run its course. It could be happening as a result of geopolitics, economic sluggishness, rising inequality, failure to develop new political structures to manage globalisation, and the response to new threats.
CURRENT global economic environment clearly points towards a more downside risk following slower growth and trade environment.
For the first time since 2009 global recession, the world economy is expected to grow below 3%, with a challenging global trade environment, likely to expand between 1% and 2%. As opposed to 2019 where trade tension took centre stage besides political and geopolitical issues, today, the biggest challenge comes from the outbreak of coronavirus.
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