In today’s world up is down, down is up, left is right and right is left. Retaining national sovereignty is now an offense to those who want to destroy it.
The risk of countries turning their back on global co-operation is the biggest challenge facing the world, as low growth and rising inequality fuel the rise of populism, said IMF managing director Christine Lagarde.
“It did not take the Brexit vote to understand that low growth, rising inequality, and a lack of jobs have combined with social and geopolitical concerns to fuel the rise of populism and inward-looking forces,” Ms Lagarde said in the text of a speech on Thursday at the Centre for Global Development in Washington.
“The greatest challenge we face today is the risk of the world turning its back on global co-operation – the cooperation which has served us all well.”
Britain’s vote to leave the European Union last month has roiled global markets, raising the prospect that opposition to trade and immigration could stoke anti-EU sentiment across Europe and bolster US Republican presidential candidate Donald Trump.
“If we are not able to provide this coming generation with a livelihood and a chance to share in global welfare, we should be prepared for migration and political strife at an unprecedented level,” she said.
“And let us have no illusions that this would stop at the water’s edge, or at borders secured by a wall or chain-link fence.”
Full article: IMF boss Christine Lagarde calls turn away from globalisation world’s top challenge (Sydney Morning Herald)