GS Analyst: Daily Current Affairs

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28th February 2023

Economy

Context:

The basic structure of the world order, established over decades through trust, multilateral institutions and mutually beneficial and well-intentioned global negotiations in various fora, is transferring towards protectionist policies and minimising globalisation.

World towards Protectionism:

The Inflation Reduction Act: The European Commission has reacted to the Inflation Reduction Act by presenting its own Green Deal Industrial Plan with state aid to help Europe in clean tech products manufacturing.
Carbon Border Adjustment Mechanism: It was introduced to protect its industries from imports from jurisdictions with “less stringent” climate policies.
High global inflation: For many decades in the pre-Covid era, central banks in the West struggled to increase inflation to near 2 per cent.

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