Webinar highlights

A growing alignment between industrial policy and resilience
The roll-out of industrial policy has vastly accelerated in the last ten years. At the end of 2023, approximately 2,500 new industrial policy measures had been taken with more than two thirds of which were trade distorting, according to IMF figures. Advanced economies accounted for the lion’s share, a trend that’s been accelerating since 2010.

Christos Cabolis emphasized the growing alignment between industrial policy and resilience, noting that "environmental resilience in terms of climate change – specifically, transitioning to green energy – requires foresight from both public and business decision-makers."
Learning lessons from the past
Simon Evenett highlighted the importance of learning from historical industrial policies. He suggested that governments need to conduct root cause analyses to understand the problems and to set clear targets to define what constitutes success in industrial policy outcomes.
Identifying trade-offs
Deborah Elms pointed out the necessity of recognizing trade-offs when implementing industrial policies. She stated, "We might make ourselves so busy stockpiling certain goods that we neglect others, which underscores the importance of having comprehensive data to guide policy decisions."
Subsidies and overcapacity
The panel also addressed the issue of subsidies and overcapacity. Panelists noted that it is important to have the data before designing policy solutions and that some of such measurements are captured in the STI.

For a more comprehensive understanding of the findings and data from the Hinrich-IMD Sustainable Trade Index, download the STI 2024 report.