Rise of Protectionist Policies Could Slow Global Growth, Spark New Debates

• More countries are embracing industrial policies to encourage domestic security and independence, a trend that could slow global growth according to some economists.

• Over 2,500 new industrial policies were introduced last year, roughly 3 times as many as in 2019.

• The richest, most advanced economies are behind most of the new industrial policies.

• Top officials from France, Germany, and Italy pledged to coordinate economic policies to counter efforts by the U.S. and China to protect domestic businesses.

• The increased use of industrial policies will likely be a topic of debate at the IMF and World Bank spring meetings starting this week.