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OECD urges more support for globalization’s losers amid backlash

LiveMint logoLiveMint 31-05-2017 Mark Deen

Paris: The Organisation for Economic Cooperation and Development (OECD) urged governments to give more support to people losing out from globalization as US President Donald Trump and populist politicians around the world surf on resentment against free trade and open borders.

Frustration with globalization has been stoked by the perception that the rich have prospered while those on lower and middle incomes have suffered, the Paris-based OECD said in a report published on Tuesday.

In addition to domestic reforms, better global governance can help make trade fairer, it said.

“The backlash against globalization has grown in many countries and too little has been done to help more people cope,” OECD secretary-general Angel Gurria said in a statement.

“It has become essential for all nations to work together to ensure a level playing field in trade, investment and corporate behaviour to better address the downsides of globalization while preserving the benefits of economic openness.” Bloomberg

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