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LaSalle has looked at the likely macroeconomic costs of increased barriers to trade 和 their potential consequences for European real estate markets.
Until recently, free trade seemed to be a crucial ingredient to the dominant political 和 economic narrative. After several rounds of trade liberalisation, 和 except for the immediate aftermath of Lehman Brothers’ collapse in 2008, the world economy enjoyed virtually seven decades of uninterrupted growth in export volumes. Global tariffs dropped tenfold from 40% fifty years ago to just 4% currently. Rapid evolution of supply chains was facilitated by the removal of trade barriers that followed the completion of the Uruguay Round in 1994 和 the creation of the WTO, plus the integration of China 和 the Soviet Union. Over that period global trade growth outstripped economic growth by nearly a factor of two resulting in world trade (imports + exports of goods 和 services) accounting for nearly 45% of world GDP growth since 1990.
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Apr 03, 2024
ISA Briefing: Elections everywhere, all at once: Geopolitics 和 risk
2024 is an election year like no other. Roughly 60% of the world’s population lives in countries facing major elections this year. 结合, these markets represent approximately 65% of the institutional investable real estate universe.