Supporters of globalization need to develop a new way to promote open markets that relies on smaller trade deals and helps people who are feeling left out, International Monetary Fund Managing Director Christine Lagarde said Friday.
"I certainly hope there is not a move toward deglobalization," Lagarde said in an interview in New York. "I equally think we have to move toward globalization that has a different face, and which is not excluding people along the way."
Globalization is "clearly taking a different form" than imagined, she said.
"A new framework has to be invented," she said. "I hope it can be proposed in a sufficiently attractive way that's compatible with regional or bilateral agreements."
U.S. stocks have surged since Republican Donald Trump won the U.S. election last month, as investors bet his administration will lower taxes and increase spending on infrastructure such as roads and bridges. Lagarde welcomed signs of increased infrastructure outlays, while cautioning that it's "very premature" to predict how the world's biggest economy will perform under Trump.
Business on 12/03/2016