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Global fault lines remain

Global fault lines remain

Former UK Prime Minister Gordon Brown has warned against governments resorting to protectionism again in the absence of a collective global growth plan to tackle the economic downturn.

In an interview with Mint, Brown, who was in New Delhi recently to attend the HT Leadership Summit, said that while Asian, African and Latin American economies are recovering from the recession, Europe and the United States, which are the big drivers of the global economy, are still unable to grow fast enough to reduce unemployment.

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Brown said that without coordinated solutions to these problems, countries would seek solutions within their borders and introduce protectionist measures that would in turn cause the global economy to shrink further.

Brown also said the US and Europe needed to invest in the industries of the future that would create demand for their products in emerging economies and thereby spur global trade.

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