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Does the Global Trade Slowdown Matter? / Cristina Constantinescu.
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Government document
- Author/Creator:
- Constantinescu, Cristina.
- Series:
- Policy research working papers.
- World Bank e-Library.
- Language:
- English
- Subjects (All):
- Demand and Supply Effects.
- Economic Growth.
- Economic Theory & Research.
- Emerging Markets.
- Free Trade.
- International Economics & Trade.
- Labor Policies.
- Macroeconomics and Economic Growth.
- Private Sector Development.
- Social Protections and Labor.
- Trade Policy.
- Trade Slowdown.
- Local Subjects:
- Demand and Supply Effects.
- Economic Growth.
- Economic Theory & Research.
- Emerging Markets.
- Free Trade.
- International Economics & Trade.
- Labor Policies.
- Macroeconomics and Economic Growth.
- Private Sector Development.
- Social Protections and Labor.
- Trade Policy.
- Trade Slowdown.
- Physical Description:
- 1 online resource (26 pages)
- Place of Publication:
- Washington, D.C. : The World Bank, 2016.
- System Details:
- data file
- Summary:
- Since the Global Financial Crisis, world trade growth has been subdued and lagging slightly behind growth of gross domestic product. Trade is growing more slowly not only because growth of global gross domestic product is lower, but also because trade itself has become less responsive to gross domestic product. This paper reviews the reasons behind the changing trade-income relationship, and then investigates its consequences for economic growth. On the demand side, sluggish world import growth may adversely affect individual countries' economic growth, as it limits opportunities for their exports. On the supply side, slower trade may diminish the scope for productivity growth through increasing specialization and diffusion of technologies. The paper finds preliminary evidence that the changing trade-income relationship matters, although the quantifiable effects do not appear to be large.
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