Growing protectionism is the greatest threat to the growth of East Asia's export-driven economies, dpa cited World Trade Organization director-general Pascal Lamy as warning Thursday. "During the last six months protectionist pressures have intensified, but more worrisome, protectionist actions have intensified," Lamy told the opening session of the World Economic Forum on East Asia, being hosted this year by Bangkok. Lamy said that increasing protectionist actions would affect 3 per cent of world trade this year, compared with 1 per cent two years ago. Trade protectionism would have a serious impact on the fast-growing East Asian economies, which are "especially exposed to the vibrancy of trade," he said. The WTO estimated that world trade grew 5 per cent last year, compared with 7 per cent in the East Asian region, while this year world trade is expected to grow 4 per cent, with growth of 5 to 5.5 per cent anticipated in East Asia. With Europe "seriously slowing down," the United States yet to address its problems and China slowing, Lamy suggested that regional governments concentrate on greater trade integration. "The more they integrate, the more resilient they will be to external shocks that are going to be with us, I believe, for a long time," the WTO head said.
