A return to trade protectionism is not sensible, said OECD secretary-general Angel Gurría
Ministers from the Organisation for Economic Cooperation and Development (OECD) discussed the serious impact of the financial crisis on urban and rural regions.
OECD secretary-general Angel Gurría warned that: ‘A return to economic nationalism, protectionism and subsidies to enterprises will create distortions, foster a culture of dependency, and lead to trade friction.’
Instead plans to stimulate the economy through public investment should take into account the feelings of regional stakeholders, said Gurría.
‘No single formula can promote innovation in all regions. Local knowledge needs to be mobilised for regions to design their own innovation systems,’ he said.