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Trump harming global economy, poll of economists finds

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A German research organisation, the IFO Institute, polled 929 economists in 120 countries and found that almost three quarters (73.9%) believed the US government was “negatively influencing the world economy”, reported Public Finance International (UK).

Commenting on the findings, Stephen Gelb, principal research fellow at the Overseas Development Institute, told PF: “It seems to me that the main impact of the Trump presidency in the world economy has been to significantly ratchet up uncertainty, which affects business planning and investment by firms globally, and policy planning for governments.”

He said Trump’s approach to policy was “erratic”, making his stances “unpredictable” and bad for business confidence.

The IFO Institute said the administration also scored poorly in international trade, cooperation in multilateral organisation, as well as in peace and security.

“Experts in neighbouring countries Canada and Mexico, as well as in Ireland claim that the US has a particular bad influence on their countries,” the research institute said.

More than half (57.6%) of the economists surveyed thought the administration was negatively impacting the US economy, with social justice and climate protections hit hardest.

Almost three quarters (73.5%) of experts believed that the poor would lose out the most from Trump’s policy measures that have been announced and those already implemented.

But US experts have a less negative view of the administration. Only 38% of domestic experts said there were negative economic impacts in the US, although they did believe the administration “is ineffective or damaging US domestic policy”.

Last week, Trump’s administration unveiled legislation for its “historic tax cuts and reforms”, which some experts have said could add up to $1.5trn to the federal deficit over the next decade.

Trump has also said he would cut billions in insurance subsidies in a bid to “repeal and replace” Obamacare.

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Reporter: Denes Osvalt
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Category: Politics
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