Subsidies harmful – WB
Published On June 10, 2024 » 289 Views» By Times Reporter » Business, Stories
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By CHATULA KANGALI –
THE World Bank (WB) has observed that governments are increasingly turning to subsidies amid rising geopolitical tensions, fueled by climate change, national security concerns, and the race to gain an edge in frontier technologies.
It said that even when deployed in pursuit of legitimate goals, subsidies could harm trading partners, fuel tensions, and provoke counter measures.
The bank stated in its latest database that subsidies could nullify the benefits of global trade and investment by distorting international prices and limiting market access, as in the case of local content requirements.

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