Global Trade Faces Alarming Surge in Protectionism Amid Economic Woes
During the 2008-2009 Global Financial Crisis, many countries considered using protectionist measures to shield their economies. However, compared to the Great Depression in the 1930s, the recent crisis did not lead to widespread protectionism thanks to global trade rules and policies. Reports by the WTO and Global Trade Alert show varying views on the intensity of post-crisis protectionism. The research highlights the need to conclude the Doha Round swiftly to lessen the threat of protectionism to global recovery. Overall, post-crisis protectionism increased but was kept relatively controlled, thanks to global efforts and frameworks.