The Organization for Economic Co-operation and Development (OECD) has issued a warning about the growing threat of protectionism. In a report released today, the OECD argues that increased protectionist measures could significantly impede global economic growth and development.

The OECD’s report highlights a worrying trend of countries implementing policies aimed at shielding domestic industries from international competition. These policies include tariffs, quotas, and other non-tariff barriers to trade. The organization emphasizes that while such measures may offer short-term benefits to specific sectors, they ultimately harm the global economy by distorting markets, reducing efficiency, and stifling innovation.

The report urges governments to resist the temptation to resort to protectionism and instead embrace open trade policies that foster competition and promote economic growth. The OECD argues that a level playing field is essential for businesses to thrive and for consumers to benefit from lower prices and greater choice.

The OECD’s warning comes at a time of increasing global economic uncertainty, with many countries facing challenges such as rising inflation and slowing growth. In this context, the organization’s call for open trade policies is particularly relevant, as it underscores the importance of international cooperation in addressing these challenges.