IMF chief: Benefits of globalization unevenly distributed

The benefits of globalization are unevenly distributed among countries and people, Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva said, Report informs referring to the IMF website.

“Over the past 40 years, the world economy has tripled in size, with emerging and developing countries quadrupling in size—making them the biggest beneficiaries. In China alone, 800 million people have been lifted out of poverty, as it has become ever more integrated into the world economy. A huge achievement by any standard!

Likewise, for countries all across Asia, trade integration has been a key ingredient of strong GDP growth for many decades—including trade within the region that now accounts for almost 50 percent of the total and where China is a crucial hub.

But we also must recognize that the benefits of globalization have not been shared equally across countries or people. And we have learned that supply chains need to be made more secure and diversified.

Addressing these concerns requires a pragmatic approach—working together where it matters most, for example, to reinvigorate international trade in an equitable way and diversify supply chains based only on economic logic, but not beyond,” she noted at the Boao Forum for Asia.