Protectionism Grows in G20 Economies

Picture Source: Mark Schiefelbein, Reuters

Christian Kastrop, the director of policy studies at the OECD, said the opening of markets reached a high-water mark at the turn of the new millennium.

Since the 2008 financial crisis, however, both the OECD and the World Trade Organization (WTO) have recorded an increase in protectionism, Mr. Kastrop said, despite promises made by the G20 to continue trade liberalization.

There are fears that trend will only continue next year, particularly with the election of Donald Trump. Mr. Kastrop said Germany, which chairs the G20 this year, is in a strong position to push the group to make free trade a central focus again.

“The G20 should definitely continue to push for open societies and globalization and see which trade barriers, in the services sector for example, can be reduced,” Mr. Kastrop said.

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