New World Bank ceo defends globalisation, warns against protectionism

New World Bank ceo defends globalisation, warns against protectionism

The World Bank’s newly appointed chief executive gave a spirited defence of globalisation during her first official visit to China, saying it had helped richer and poorer countries, and economic integration made it hard for any nation to walk away.

Kristalina Georgieva, a Bulgarian who took up her post at the multilateral development lender at the start of this year, also praised China for its commitment to economic reforms and open markets.

“Open markets, trade, division of labour has worked extremely well for the poorer countries,” she told Reuters in an interview late on Monday.

But wealthier countries also have benefited from rising middle classes, which are demanding more exports from advanced economies, said Georgieva, a former vice president of the European Commission. Read More…

 

 

Credit By: dnaindia.com

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