The G20’s principal task of reviving global economy growth has never been easy—it is harder now that world trade is contracting. Talk of a global trade slowdown is misplaced—even in volume terms world exports are down 2% since the end of 2014.
Apart from Germany, in no other G20 member did improvements in trade balances account for more than a fifth of GDP growth during 2009-2014. Even these contributions are now threatened as international commerce contracts. This matters because millions of families depend on jobs at companies meeting foreign customers’ needs. The taxes these exports generate help states tackle a growing list of societal challenges.