As we enter 2017, BIMCO stresses the impact of a possible backlash against globalisation. 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”.
Additionally, as BIMCO has stated previously, a one-sided monetary approach is not enough. It is essential to combine this with fiscal support to generate momentum.
World GDP growth projection from the IMF expects that 2017 will see a higher growth rate after declining rates experienced in the past two years.
There is a possibility that persistent low growth will spur policymakers to take comprehensive and coordinated action to combat a further slowdown.
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Source: BIMCO
