It has been facilitated by booming international trade and rapid growth, especially in some populous emerging economies. However, not everybody has benefitted. Guiding political and economic institutions in a more inclusive direction is essential to limiting adjustment costs and facilitating sectorial reallocation. Maintaining market openness to revitalise trade in goods and services may enhance economic growth.
We have what is needed to achieve that, but we need to work together to accomplish it. Many of you will be, or will influence, the policymakers attending to these issues. Remember, the house has a good foundation. Let’s give it the maintenance and adjustment it deserves.