GCTL8.com (FocusAsia Media Ltd)
ROTTERDAM, Feb 3 (FAM) – The ‘globalisation’ of protectionist sentiment and policy could impact world economic growth and freight transport demand this year, Peter Sand, chief shipping analyst at trade association Bimco, echoing the World Trade Organisation’s call for nations to resist the urge to respond to national populism with protectionist trade policies, stating that “inward-looking” policies are counter-productive.
“As we enter 2017, Bimco stresses the impact of a possible backlash against globalisation,” he said. “If the growth and embracing of protectionist policies throughout 2016 becomes a reality, it may pose a huge threat to the shipping industry and could disrupt trade flows and limit economic growth. For advanced economies to avoid weaker overall growth and stagnation, it is important that world leaders focus on generating economic growth that spurs international trading – avoiding ‘the globalisation of nationalism’.”