The weekend meeting of the finance ministers of the top 20 economies in the world in Shanghai, China was a dismal affair. Before the meeting, the IMF painted a grim picture of the state of the global economy. In its, Global Prospects and Policy Challenges, the IMF economists warned that it would be reducing its forecasts for global economic growth in 2016, yet again.
And as the G20 summit met, figures came in for world trade in 2015. It has recorded its biggest reversal since the Great Recession of 2008-9. The value of goods that crossed international borders last year fell 13.8 per cent in dollar terms — the first contraction since 2009 — according to the Netherlands Bureau of Economic Policy Analysis’s World Trade Monitor.
The Baltic Dry index, a measure of global trade in bulk commodities, has been touching historic lows. China, which in 2014…
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