The world economy is at risk from the “tit-for-tat” economic warfare breaking out between nations, the IMF’s outgoing chief economist has warned.
Pierre-Olivier Gourinchas said that, with globalisation in retreat, countries were increasingly imposing trade barriers or exploiting “chokepoints”, such as Iran’s closure of the Strait of Hormuz, for political gains.
“You’re trying to exploit the fact that you control critical minerals or rare earths. Well the rest of the world is going to try to build supply chains that go around that,” Gourinchas said. “You’re trying to control the Strait of Hormuz — well, maybe you succeed for a little while, but other countries are going to build pipelines.”
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