Industrial support policies that discriminate against foreign companies are “self-defeating” and harm free trade, the IMF has warned, as wealthy nations including the US increase subsidies for strategically important sectors.
The number of industrial policies used by advanced economies has surged as they seek to boost innovation and curb emissions, the fund found, accounting for more than half of all trade interventions in the past decade. That is well above the share among emerging economies.
Boosting spending on fundamental research and innovation across sectors can, if properly executed, pay for itself in the longer term by raising economic output, said the IMF.
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