Imposing new trade barriers is particularly harmful in times of crisis and nations should try to open up if they want to limit the damage to both the economy and health caused by coronavirus, according to economists at the Bank of England.
The pandemic has acted as a shock to both demand and supply, making it deeper than the trade collapse of 2008-09, a review of research published on the central bank’s staff blog Thursday found. While global value chains have amplified spillovers between different countries, protectionist measures can disrupt the production of medical supplies.
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