Trade restrictions are hurting world economic recovery

Free trade between countries is vital (photo:dpa)
Free trade between countries is vital (photo:dpa)

World trade has grown rapidly over the last 30 years thanks to the liberalisation of international trade. But the dramatic decline in tariffs which boosted economic growth has now slowed to a trickle. World growth rates could double if there was greater free trade between countries.

REAL per capita Gross Domestic Product has increased from US$3,890 to US$6,039 (in constant 2000 US dollars) globally over the last 30 years.

To explain this rapid growth in the world’s prosperity, you need look no further than the dramatic liberalisation of international trade. The contribution of trade flows to world GDP jumped from 39.4 per cent in 1980 to 55.9 per c...

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