Both economists agree that growth is still possible, but the age of “hyperglobalisation” – with its extraordinary convergence of openness, technology, and trust – is unlikely to return.
“Growth miracles seem less likely because two of the key mechanisms – access to big, lucrative markets and willingness to share technology across borders – no longer seem to be here.” Goldberg
As global trade enters a new, more fragmented era, the challenge for policymakers will be to find fresh ways to generate dynamic gains – in a world where the rules, and the relationships, are shifting fast.
The future of global trade
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