Freer trade can raise living standards and bring down the prices of goods and services

Summary: The gap between the rich and the poor in Viet Nam has narrowed, thanks to increased imports from the People’s Republic of China. Data collected from 2002 to 2014 show that lower-income groups benefited more than higher-income ones. Numerous studies show that international trade can fuel economic growth and that open economies are generally more prosperous than more protectionist ones. Apart from creating jobs, freer trade can raise living standards and bring down the prices of goods and services. Read the transcript https://bit.ly/2AoRAvy Read the working paper https://www.adb.org/publications/impact-import-competition-prc-income-inequality-household-welfare-viet-nam About the authors Matthias Helble was senior economist and ADBI Research Department co-chair at the time the study was published. Trang T. Le is an assistant professor at the Banking Academy in Viet Nam. Trinh Q. Long is a project consultant at ADBI. Know more about ADBI’s work https://bit.ly/2yX6UxG https://bit.ly/2EHk87B