International Co-operation
28. Second, the rise of nativism and populism in various countries has brought changes to their political scene, affecting their foreign and economic policies. Such development undermines the growth of multilateral free trade and affects international trade flows.
29. The financial tsunami in 2008 was the most severe economic crisis since the Great Depression in the 1930s. Thanks to concerted global effort, the world successfully averted catastrophic consequences, and the global economy gradually resumed growth. However, the growth of the major advanced economies have not yet returned to the levels before the financial tsunami, and still need to rely on ultra-low interest rates or unconventional monetary policies. Given that the interest rates remain very low, there would be little room for introducing rescue measures if a major economic or financial crisis were to happen again. More importantly, the rise of nativism nowadays may make an international concerted effort and a swift response more difficult.
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