The writer is chief economist at ING
Donald Trump’s resounding victory has upset conventional economists almost as much as American liberals. The Republican candidate’s pledge to implement trade tariffs and other protectionist measures has provoked a spate of dire economic prognostications. But much of the current doom-mongery doesn’t consider mitigating factors — and risks undermining the credibility of globalisation’s defenders.
These are difficult times for economic experts. Politicians hardly seem to take their advice seriously any more. Economists continue to warn about the dangers of deglobalisation in the form of higher prices and less GDP growth but electorates are rolling their eyes. Trump’s victory amplifies this trend.
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