G20 Protection in the Wake of the Great Recession
Authors: Gary Hufbauer, Jacob Kirkegaard and Woan Foong Won
The Great Recession is generally acknowledged to be the most devastating global economic crisis since the Great Depression. Although it had an international impact, the crisis weighed mostly on G20 countries. This report compares the policy response of the G20 economies with that of several Asian countries—as well as three major developed nations during other previous economic crises, such as the Asian financial crisis and the Dot.com crisis.
As a response to the 2009 crisis, the authors assert that G20 governments implemented protectionist policies which had impacts for trade and employment. To gauge the extent of protectionist measures taken by G20 countries, the report groups measures into quarterly totals and examines the trade‐weighted average trend across G20 countries, while also highlighting “pipeline” protectionist measures.
In conclusion, the report suggests the necessity of renewed policy action to limit protectionism in all countries and urges G20 leaders to shift to a post-crisis agenda highlighting a range of policy options to boost growth and job creation.
As a response to the 2009 crisis, the authors assert that G20 governments implemented protectionist policies which had impacts for trade and employment. To gauge the extent of protectionist measures taken by G20 countries, the report groups measures into quarterly totals and examines the trade‐weighted average trend across G20 countries, while also highlighting “pipeline” protectionist measures.
In conclusion, the report suggests the necessity of renewed policy action to limit protectionism in all countries and urges G20 leaders to shift to a post-crisis agenda highlighting a range of policy options to boost growth and job creation.
| G20 Protection in the Wake of the Great Recession (208 Kb) |
