The hidden costs of China’s industrial policy
China uses a wide array of industrial policies, such as subsidies and regulations, to promote strategic economic sectors. This column estimates that the equivalent fiscal
Supply chains and free trade agreements
Studies examining the effects of free trade agreements on the activities of multinational enterprises have tended to focus on trade between home countries and their
Spending smarter: A powerful growth strategy
With high public debt and weak medium-term growth, finance ministries seek to do more with less. This column argues that efficiency gaps in public spending
The lasting economic scars of war
Wars leave deep and lasting scars on economies. Using data for 115 conflicts across 145 countries over the past 75 years, this column documents large
The hidden cycle: How informality shapes fiscal policy and sovereign default
The informal sector tends to expand during economic downturns and contract in recoveries, and is also highly sensitive to fiscal policy. This column explores the
The macroeconomic implications of extreme weather events: Insights from advanced economies
Extreme weather events are increasing in frequency and intensity, yet their macroeconomic impacts remain poorly understood. This column argues that the highly localised nature of
Decoupling without deglobalisation: The new geography of trade blocs
As geopolitical tensions rise, fears of deglobalisation have taken centre stage. However, world trade has remained surprisingly resilient, at least through 2023. This column uses
Global merchandise trade tops expectations in H1
WTO economists raised the 2025 merchandise trade growth forecast to 2.4%. Global merchandise trade outpaced expectations in the first half of 2025, driven by increased
Bilateral trade in services: A new research database
While trade debates focus on tariffs and goods, services have quietly defied deglobalisation and become an increasingly important driver of growth. Services trade not only
The tourism impact: Diversifying Saudi Arabia’s economy and creating jobs through culture
The Kingdom of Saudi Arabia (KSA) has a rich cultural heritage, and a wealth of natural assets like the colorful Red Sea and stunning desert
