{"id":20924,"date":"2022-04-22T13:14:39","date_gmt":"2022-04-22T13:14:39","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2022\/04\/22\/russias-invasion-of-ukraine-has-caused-a-rupture-in-the-global-order-that-is-probably-beyond-repair-tiff-macklem\/"},"modified":"2022-04-22T13:14:39","modified_gmt":"2022-04-22T13:14:39","slug":"russias-invasion-of-ukraine-has-caused-a-rupture-in-the-global-order-that-is-probably-beyond-repair-tiff-macklem","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2022\/04\/22\/russias-invasion-of-ukraine-has-caused-a-rupture-in-the-global-order-that-is-probably-beyond-repair-tiff-macklem\/","title":{"rendered":"Russia&#8217;s invasion of Ukraine has caused a rupture in the global order that is probably beyond repair: Tiff Macklem"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\">\n<h2 class=\"visually-hidden\">Breadcrumb Trail Links<\/h2>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\"> FP Economy <\/li>\n<\/ol>\n<\/nav>\n<p class=\"article-subtitle\"> One of the G20 walkouts on Russia, the Bank of Canada governor says the era of open trade is probably over <\/p>\n<figure class=\"featured-image\"><picture class=\"featured-image__ratio\"><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">The entrance of the World Trade Organization in Geneva. Bank of Canada Governor Tiff Macklem says world trade is seeing a shift from open trade to &#8220;open and secure&#8221; trade. <\/span> <span class=\"credit\">Photo by FABRICE COFFRINI\/AFP via Getty Images<\/span> <\/figcaption><\/figure>\n<\/header>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Bank of Canada Governor Tiff Macklem, who helped establish the G20 as the locus of economic co-ordination in the aftermath of the Great Recession, said Russia\u2019s invasion of Ukraine has caused a rupture in the global order that probably is beyond repair.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment8942745020041247595317877573527619\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment8942745020041247595317877573527619\">Advertisement 2<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" id=\"ad-2\" style=\"--desktopHeight:250px;--mobileHeight:600px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">\u201cYou are seeing a shift here,\u201d said Macklem, <a data-evt=\"click\" data-evt-typ=\"click\" data-evt-val=\"{\" control_fields=\"\" link=\"\" was=\"\" among=\"\" the=\"\" officials=\"\" who=\"\" left=\"\" room=\"\" href=\"https:\/\/twitter.com\/cafreeland\/status\/1516821378288308225?s=20&amp;t=4T2hOpjFJrU2M39rfUKoiA\" rel=\"nofollow noopener\" target=\"_blank\">who was among the officials who left the room<\/a> when their Russian counterpart began his remarks at a gathering of G20 finance minsters and central bankers this week in Washington. \u201cIt is a bit difficult to predict where it goes,\u201d he added, and then struggled to find a way to articulate what the new order might look like. \u201cLet me put it this way,\u201d he said. \u201cWe talk about open trade. I think we are going to be talking about open and secure trade now.\u201d<\/p>\n<p>That\u2019s not the kind of trade Macklem was talking about in 2008 and 2009, when he was advising former prime minister Stephen Harper\u2019s government on how to confront the financial crisis as the top economic diplomat at the Finance Department.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment9960684188608240152783136267625491\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment9960684188608240152783136267625491\">Advertisement 3<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Macklem keeps a photo that was taken at the meeting in Washington in October 2008 when the G7 legacy powers realized they had lost their grip on the global financial system and would need the help of emerging powers such as China and Russia to help them reverse the crisis that Western bankers in New York and London had created.<\/p>\n<p data-async=\"\">\u201cI\u2019m in the picture and I look terrible,\u201d Macklem told the Financial Post in December 2020. \u201cI was pretty stressed. I keep that in my office as a little reminder of that feeling in the pit of your stomach.\u201d<\/p>\n<p data-async=\"\">Finance ministers and central bankers from the G7, some middle powers such as Australia and South Korea, and bigger emerging markets such as Brazil and Indonesia had been meeting as the G20 for years. The financial crisis that followed the collapse of various investment banks in 2008 prompted former U.S. president George W. Bush to assemble G20 leaders. They organized a co-ordinated fiscal stimulus plan that averted a depression. Bush\u2019s successor, Barack Obama, declared at a summit in Pittsburgh in 2009 that from that point forward, the G20 would be the \u201cpremier forum\u201d for economic co-operation.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment208667800792204753213954888789200\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment208667800792204753213954888789200\">Advertisement 4<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>There was little co-ordination in Washington this week, at least among the big democracies that emerged triumphant after the Second World War and the autocracies that have grown rich enough in recent decades to chart their own courses. The camaraderie that existed during the Great Recession didn\u2019t last long, and the G20 has been a non-entity during the pandemic. Russia\u2019s brazen attack on Ukraine only broke an edifice that was already badly cracked.<\/p>\n<p data-async=\"\">Macklem defended the decision to protest Russia\u2019s participation at the G20, which operates by consensus. The International Monetary Fund (IMF) this week cut its forecast for global economic growth almost entirely because the war has disrupted supply lines and exacerbated global inflation.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment3838160304039557296433960015800592\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment3838160304039557296433960015800592\">Advertisement 5<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>\u201cWe were discussing these issues with Russia at the table,\u201d Macklem said on a video call with reporters. \u201cIt\u2019s unacceptable. The very cause of this shock to the global economy was sitting at the table. That\u2019s why a number of us left when Russia spoke. Obviously, we need peace. But we need countries to respect international law. If countries don\u2019t respect international law, we\u2019re not going to be able to work with them at the international table.\u201d<\/p>\n<p>It\u2019s difficult to avoid the feeling that participants at this week\u2019s meetings of the IMF and World Bank were participating in the end of an era. The period of globalization that began with the creation of the World Trade Organization in 1995 was supposed to make the world freer and richer. That appeared to be happening for a while, especially after China joined the WTO in 2001. Relatively small countries like Canada benefited from a set of rules that the world\u2019s most powerful economies mostly agreed to follow. Vast middle classes began to form in countries such as China as trade helped lift hundreds of millions of people out of poverty.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment6632408597004666501040683567458116\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment6632408597004666501040683567458116\">Advertisement 6<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-6\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"6\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-6\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>But geopolitics got in the way. The United States and Europe refused to make room for China at the top of the IMF and the World Bank. Cold War animosities lingered. China\u2019s leadership and Russian President Vladimir Putin demonstrated that they had agendas of their own. Emerging markets bristled at the West\u2019s hypocrisy.<\/p>\n<section aria-labelledby=\"moreTopicLabel3189757178220449885431977837879583\" class=\"more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\"> <button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/> <\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li class=\"more-topic__item\" data-carousel-item=\"\">  <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/tiff-macklem-0422.jpg?h=96&strip=all&quality=80&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/tiff-macklem-0422.jpg?h=96&strip=all&quality=80&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/tiff-macklem-0422.jpg?h=96&strip=all&quality=80&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/tiff-macklem-0422.jpg?h=96&strip=all&quality=80&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/tiff-macklem-0422.jpg?h=96&strip=all&quality=80&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/tiff-macklem-0422.jpg?h=96&strip=all&quality=80&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/tiff-macklem-0422.jpg?h=96&strip=all&quality=80&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/tiff-macklem-0422.jpg?h=96&strip=all&quality=80&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/tiff-macklem-0422.jpg?h=96&strip=all&quality=80&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/tiff-macklem-0422.jpg?h=96&strip=all&quality=80&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/tiff-macklem-0422.jpg?h=96&strip=all&quality=80&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Bank of Canada Governor Tiff Macklem acknowledged that inflation ended the first quarter hotter than he expected.\" class=\"lazyload\" fifu-data-src=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/tiff-macklem-0422.jpg?h=96&strip=all&quality=80&ssl=1\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/tiff-macklem-0422.jpg?h=96&strip=all&quality=80,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/tiff-macklem-0422.jpg?h=192&strip=all&quality=80 2x,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/tiff-macklem-0422.jpg?h=288&strip=all&quality=80 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> Tiff Macklem acknowledges that inflation is running hotter than he expected <\/span> <\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\">  <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/no0419imf.jpg?h=96&strip=all&quality=80&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/no0419imf.jpg?h=96&strip=all&quality=80&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/no0419imf.jpg?h=96&strip=all&quality=80&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/no0419imf.jpg?h=96&strip=all&quality=80&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/no0419imf.jpg?h=96&strip=all&quality=80&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/no0419imf.jpg?h=96&strip=all&quality=80&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/no0419imf.jpg?h=96&strip=all&quality=80&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/no0419imf.jpg?h=96&strip=all&quality=80&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/no0419imf.jpg?h=96&strip=all&quality=80&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/no0419imf.jpg?h=96&strip=all&quality=80&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/no0419imf.jpg?h=96&strip=all&quality=80&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"The International Monetary Fund headquarters in Washington, U.S.\" class=\"lazyload\" fifu-data-src=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/no0419imf.jpg?h=96&strip=all&quality=80&ssl=1\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/no0419imf.jpg?h=96&strip=all&quality=80,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/no0419imf.jpg?h=192&strip=all&quality=80 2x,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/04\/no0419imf.jpg?h=288&strip=all&quality=80 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> Ukraine-Russia conflict to test resilience of global financial system: IMF <\/span> <\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\">  <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2022\/04\/imf-0420.jpg?h=96&strip=all&quality=80&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2022\/04\/imf-0420.jpg?h=96&strip=all&quality=80&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2022\/04\/imf-0420.jpg?h=96&strip=all&quality=80&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2022\/04\/imf-0420.jpg?h=96&strip=all&quality=80&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2022\/04\/imf-0420.jpg?h=96&strip=all&quality=80&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2022\/04\/imf-0420.jpg?h=96&strip=all&quality=80&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2022\/04\/imf-0420.jpg?h=96&strip=all&quality=80&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2022\/04\/imf-0420.jpg?h=96&strip=all&quality=80&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2022\/04\/imf-0420.jpg?h=96&strip=all&quality=80&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2022\/04\/imf-0420.jpg?h=96&strip=all&quality=80&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2022\/04\/imf-0420.jpg?h=96&strip=all&quality=80&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"None\" class=\"lazyload\" fifu-data-src=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2022\/04\/imf-0420.jpg?h=96&strip=all&quality=80&ssl=1\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2022\/04\/imf-0420.jpg?h=96&strip=all&quality=80,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2022\/04\/imf-0420.jpg?h=192&strip=all&quality=80 2x,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2022\/04\/imf-0420.jpg?h=288&strip=all&quality=80 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> IMF slashes growth forecast as &#8216;seismic waves&#8217; from Ukraine war sweeps over world <\/span> <\/h3>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/> <\/section>\n<p data-async=\"\">\u201cIt cannot be a unidimensional conversation about what is happening in Ukraine,\u201d Mia Mottley, the prime minister of Barbados, said at an event hosted by the IMF on April 21 that also featured European Central Bank President Christine Lagarde and U.S. Federal Reserve Chair Jerome Powell, who were among the officials who participated in the G20 walkout. \u201cWe are totally sympathetic,\u201d she said. \u201cBut what\u2019s happening to the people of Tigray? What\u2019s happening to the people in Yemen? What\u2019s happening to the people elsewhere who are also on the verge of humanitarian crisis?\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment5919342812541686656617751616978811\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment5919342812541686656617751616978811\">Advertisement 7<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-7\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"7\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-7\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Kristalina Georgieva, the managing director of the IMF, said it was too soon to \u201cgo buy a coffin for globalization.\u201d Maybe so, but others struggled to be optimistic. Lagarde said Europe was \u201cgoing to revisit\u201d its commitment to a trading regime that put efficiency ahead of national interests. Powell conceded that globalization \u201cmay go into reverse,\u201d a concern for central bankers, as such a reversal would almost certainly be inflationary.<\/p>\n<p>Macklem appeared to be among the pessimists. An unabashed globalist who made his name on the international stage is preparing for a smaller world than the one he used to inhabit.<\/p>\n<p>\u201cIf this persists, you will see a shift,\u201d he said. \u201cThere is going to be increasing emphasis on trading and doing business only with countries that respect international law. 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