The Hill Times
TORONTO—The fragmentation of the world economy into competing blocs poses huge risks to the future well-being of human society. Fragmentation will mean a more divided world where essential solutions—on climate, financial crises or new pandemics—will be much harder to reach, and where the risks of conflict will be that much greater. These risks and dangers were clear for all to see at this year’s annual meetings of the International Monetary Fund and World Bank in Morocco last week.
And for the first time in nearly half a century, the global economy is fracturing rather than coming together.” In a special study, the IMF showed how fragmentation just in commodity markets—energy, minerals and food—could cause wide swings in prices, threaten the poorest countries with major food security issues, and make the urgently needed clean energy transition both more expensive and with slower progress.
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