Why it is in news?

• WB Says protectionism could derail fragile recovery of global economy

Weak investment

• WB expressed concern that risks such as rise in protectionism, policy uncertainty or possible financial market turbulence could derail this fragile recovery.
• It said countries need to build resilience against the overlapping challenges the world faces today, including the effects of climate change, natural disasters, conflict, forced displacement, famine and disease.  

What is 'Protectionism'?

• Protectionism refers to government actions and policies that restrict or restrain international trade, often done with the intent of protecting local businesses and jobs from foreign competition.
• Typical methods of protectionism are tariffs and quotas on imports and subsidies or tax cuts granted to local businesses.
•  The primary objective of protectionism is to make local businesses or industries more competitive by increasing the price or restricting the quantity of imports entering the country