WASHINGTON – The world isn't doing enough to help workers and communities damaged by free trade, the International Monetary Fund, World Bank and World Trade Organization say.
In a report Monday, the three multinational groups repeat their longstanding view that free trade spreads broad economic benefits. Open markets and increased competition can help poor countries rise from poverty, lower prices in rich countries and force companies and countries to become more efficient and focus on what they do best.
But, drawing on recent research, they admit that those who lose out in global competition can be hit harder and suffer longer than previously understood. The organizations want countries to make it easier for people to switch careers or move where jobs are and in some cases to provide insurance for lost wages.