IMF head Christine Lagarde urges governments to support those who ‘suffer from globalization’
Written by Taiwo Adediran on September 13, 2016
The head of the International Monetary Fund says that governments need to directly support those who suffer from globalization amid a rising tide of protectionist sentiment around the world.
Christine Lagarde, who spoke at an event hosted by The International Economic Forum of the Americas in Toronto Monday, said that the backlash against globalization represents one of the biggest threats to the global economy.
She stressed that governments must do more to help those who have been negatively impacted by increased global trade, including those who have lost jobs.
The issue has become a focal point in the U.S. elections, with Republican candidate Donald Trump blaming job losses on unfair trade deals. Millions of manufacturing jobs have been lost in the U.S. in the past two decades and moved overseas to jurisdictions where labour is cheaper.
The call to action comes as 2016 could be the worst year for global economic growth since the financial crisis.