OECD Urges More Support for Globalization's Losers Amid BacklashBy
The OECD urged governments to give more support to people losing out from globalization as President Donald Trump and populist politicians around the world surf on resentment against free trade and open borders.
Frustration with globalization has been stoked by the perception that the rich have prospered while those on lower and middle incomes have suffered, the Paris-based Organization for Economic Cooperation and Development said in a report published Tuesday. In addition to domestic reforms, better global governance can help make trade fairer, it said.
“The backlash against globalization has grown in many countries and too little has been done to help more people cope,” OECD Secretary-General Angel Gurria said in a statement. “It has become essential for all nations to work together to ensure a level playing field in trade, investment and corporate behavior to better address the downsides of globalization while preserving the benefits of economic openness.”