MUMBAI (Reuters) - India’s finance minister expressed concern on Thursday that a growing populist backlash against globalization and free trade could have an adverse impact on the world economy.
Addressing a gathering of finance officials of the BRICS group of emerging nations, Arun Jaitley singled out Britain’s vote to leave the European Union, as well as an aggressive campaign against trade deals in the U.S. presidential election.
“Part of the developed world is moving towards protectionism,” Jaitley said. “If developing countries see a trend of protectionism, the spillover impact on the policies in other parts of the world would be adverse.”
Britain’s vote and Donald Trump’s championing of “America First” are seen as a part of a growing populist backlash against globalization which critics have worsened income and social inequities.
Reporting by Rafael Nam; Writing by Rajesh Kumar Singh