BUSINESS World Bank cautions against protectionism
OCTOBER 13, 2017 04:56 IST PRESS TRUST OF INDIA
Says it could derail fragile recovery of global economy
After years of disappointing growth, the global economy has begun to accelerate, World Bank President Jim Yong Kim said on Thursday, cautioning that a rise in protectionism and policy uncertainty could derail this fragile recovery.
Weak investment
Addressing a press conference at the start of annual meetings of the International Monetary Fund and World Bank here, Mr. Kim said that though trade is picking up, investment remains weak.
“Overall, we are seeing growth rise in most developing and advanced economies — which is why countries need to make critical investments now. This is the time to implement the reforms that are going to insulate against potential downturns in the future,” the World Bank chief told reporters.
He expressed concern that risks such as rise in protectionism, policy uncertainty or possible financial market turbulence could derail this fragile recovery.
Building resilience
He said countries need to build resilience against the overlapping challenges the world faces today, including the effects of climate change, natural disasters, conflict, forced displacement, famine and disease.
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