Global Trade In Decline

The World Trade Organization says global trade will shrink by 9% this year,which is the worst performance since World War II.Jakob Kirkegaard of the Petersen Institute of International Economics thinks that is truly devastating.It starts the stuttering halt to the engine of globalization.The idea of decoupling will definitely have taken a shot across the bow.Asia has been dependent on ultimate demand by the U.S. and Europe.The bailouts are going to promote protectionism.There is a sense that tax money must be spent on domestic industries,Mr.Kirkegaard indicated.