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Trade is an important driver of economic growth around the world. CGD’s research focuses on how trade policies can support poverty reduction and economic growth in developing economies by promoting market access that opens the door to foreign investment and job creation.
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In a recent trip to the center of the world, I found myself confronting the big development questions in a low-income country with reasonably propitious circumstances. Papua New Guinea (PNG) is larger, richer, and growing faster than I had thought. It will go to the polls this very month to elect a new government. It is also facing all the dilemmas faced by most low-income countries since the 1950s—political fragmentation, resource curses, income inequality, and poor health. Have we learned anything to help it meet those challenges?
This annual report marks two milestones in 2016: CGD’s 15th anniversary and, at the end of the year, its first leadership transition, with founding president Nancy Birdsall being succeeded by Masood Ahmed. In this first era, the Center has established itself as an influential voice in international development policy, with a unique model of nonpartisan policy innovation.
A rise in protectionism and increased external uncertainty may compound already existing domestic weaknesses. Latin America cannot run the risk of being unprepared for the significant potential direct and indirect effects of such a menace to its exports, capital inflows and growth.
In 2015, there were 77,470,857 visits to the United States from other countries. These visitors brought tremendous benefit: not only did they each spend an average of $4,400 on US goods and services during their stay, but also they helped US firms engage with foreign markets, raise the quality of students here, and help with the diffusion of knowledge. We should want more of these tourists and businesspeople, and the above suggests a real cost to inaccurate visa screening mechanisms—of which blanket bans are a prime example.
Americans have three choices regarding the low-paying, often hazardous jobs most don’t want: keep foreign labor here, continue to import the needed products, or use robots. To pretend otherwise is doing everyone a disservice.
The Trump administration has imposed a number of entry restrictions through executive order, justifying them on national security grounds. But one additional set of concerns regards the economic costs of tightening visa restrictions, which can be considerable even when looking solely at temporary visitors. While the current bans would likely have a limited economic impact on the US through reduced tourist and business travel, the extension of restrictions could carry increasingly heavy economic costs.
We’ve spent the past year focusing on beyond aid approaches to promoting gender equality worldwide, through discussions on how to improve outcomes for women and girls in areas ranging from migration to UN peacekeeping forces. Next we’re looking at how trade agreements can help to ensure they benefit women and men equally, whether they participate in the economy as wage workers, farmers, or entrepreneurs. That might take both carrots and sticks—because, at the moment, women are all too likely to lose out.
The benefits of global trade are numerous and well-documented, but trade channels can still be made more inclusive for women entrepreneurs and wage workers. Incorporating pre-ratification conditions into the trade agreement negotiation process to remove legal barriers against women’s equal participation in the economy (and therefore equal advantages from trade), as well as instituting follow-up enforcement mechanisms, can help to ensure trade benefits women and men more equally going forward.