Przyczyny spowolnienia światowego handlu
Causes of Global Trade Slowdown

Summary/Abstract: The main goal of the paper is to analyze the sources of world trade slowdown since 2012 and point to the main factors contributing to the slowdown. It appears that the major source of the slowdown was cyclical and connected to the lower global aggregated demand due to slow investment activity. However, it does not explain the total extent of the slowdown. Other, non-cyclical, important factors were: lowering of the trade income elasticity, protectionism, rebalancing of the Chinese economy towards domestic market and a halt in the development of global value chains.

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