Backlash to world economic order clouds outlook at IMF talks

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http://www.bloomberg.com/news/articles/2016-10-04/existential-threat-to-world-order-confronts-elite-at-imf-meeting

Policy-making elites converge on Washington this week for meetings that epitomize a faith in globalization that’s at odds with the growing backlash against the inequities it creates.

From Britain’s vote to leave the European Union to Donald Trump’s championing of “America First,” pressures are mounting to roll back the economic integration that has been a hallmark of gatherings of the IMF and World Bank for more than 70 years.

Fed by stagnant wages and diminishing job security, the populist uprising threatens to depress a world economy that International Monetary Fund Managing Director Christine Lagarde says is already “weak and fragile.”

The calls for less integration and more trade barriers also pose risks for elevated financial markets that remain susceptible to sudden swings in investor sentiment, as underscored by recent jitters over Frankfurt-based Deutsche Bank AG’s financial health.

“The backlash against globalization is manifesting itself in increased nationalistic sentiment, against the outside world and in favor of increasing isolation,” said Louis Kuijs, head of Asia economics at Oxford Economics in Hong Kong and a former IMF official. “If we lose consensus on what kind of a world we want to have, the world will probably be worse off.”

In its latest World Economic Outlook released Tuesday, the fund highlighted the threats from the anti-trade movement to an already subdued global expansion. After growth of 3.2 percent in 2015, the world economy’s expansion will slow to 3.1 percent this year before rebounding to 3.4 percent in 2017, according to the report, keeping those estimates unchanged from July projections. The forecasts for U.S. growth were cut to 1.6 percent this year and 2.2 percent in 2017.

“We’d like to see an end to the creeping protectionism in the world and more progress on moving ahead with free-trade agreements and other trade-creating measures,” Maurice Obstfeld, director of the IMF’s research department, said in a Bloomberg Television interview with Tom Keene.

Lagarde said last week that policy makers attending the Oct. 7-9 annual meeting of the IMF and World Bank have two tasks. First, do no harm, which above all means resisting the temptation to throw up protectionist barriers to trade. And second, take action to boost lackluster global growth and make it more inclusive.

———-

same to you christine..

“The backlash against globalization is manifesting itself in increased nationalistic sentiment, against the outside world and in favor of increasing isolation,” said Louis Kuijs, head of Asia economics at Oxford Economics in Hong Kong and a former IMF official. “If we lose consensus on what kind of a world we want to have, the world will probably be worse off.”

note his words…the world “we want”..not what the people need..and if its not a world as they want it to be then everyone will be worse off..gee thanks..

“We’d like to see an end to the creeping protectionism in the world and more progress on moving ahead with free-trade agreements and other trade-creating measures,”

like TPP eh?

401

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~ by seeker401 on October 7, 2016.

16 Responses to “Backlash to world economic order clouds outlook at IMF talks”

  1. […] via Backlash to world economic order clouds outlook at IMF talks — Follow The Money […]

  2. World Bank admits some have lost out from free trade

    http://www.bbc.com/news/business-37580844

    The World Bank has admitted the growth of global free trade has not been a success for all.
    An internal briefing document seen by the BBC says the effects of globalisation on advanced economies is “often uneven” and “may have led to rising wage inequality”.
    The bank, which provides loans to developing countries, also says that “adjustment costs”, such as helping people who have lost their jobs, have been higher than expected.
    Dr Jim Kim, the head of the World Bank, told the BBC that he understood why people were angry in advanced economies despite the fact that free trade was one of the “most powerful” drivers of growth and prosperity.
    “I hear them and they are saying that my life is not better than my parents and my children’s life does not look like it’s going to be better than mine,” he told me.
    “So there is a real concern but the answer is to have more robust social security programmes, so you have a safety net. And then you need to get serious about getting the skills you need for the jobs of the future.”

  3. “Orange lives matter!” – Great comment I saw on Zero Hedge earlier.

  4. the guy was right…. ” banking was supposed to a that insignificant sector which is supposed to serve humanity… but it ends up being the only thing which every one/sector is working for these days..” (or something to that effect)
    from a software-quant guru to an oyster farmer ? how many of us question who we are? ..and what we do for money? ..or can we find ourselves in the Matrix?

    one of the most profoundly entertaining doco i hv seen coming from a mathematical backgrnd.. one in a series from the maker

  5. Precious Metals Panic Selling? Or Something Else?

    http://philosophyofmetrics.com/precious-metals-panic-selling-or-something-else-freepom/

  6. Pound Sterling Collapses

    https://www.armstrongeconomics.com/international-news/britain/pound-sterling-collapses/

  7. great -comment Seek
    bye bye GlobaliSSt like #Trump OPPONENT too

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  9. Reblogged this on World Peace Forum.

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