Retreat from globalisation will destabilise the world economy | Mohamed El-Erian

Hostility in the UK and US to structures such as the EU, World Bank and IMF will lead to increasing instability for everyone

The retreat of the advanced economies from the global economy - and, in the case of the UK, from regional trading arrangements - has received a lot of attention lately. At a time when the global economy's underlying structures are under strain, this could have far-reaching consequences.

Whether by choice or necessity, the vast majority of the world's economies are part of a multilateral system that gives their counterparts in the advanced world - especially the US and Europe - enormous privileges. Three stand out.

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" Mohamed El-Erian is chief economic adviser at Allianz and was chairman of Barack Obama's Global Development Council.

(C) Project Syndicate, 2017