UPDATE 1-Protectionism a rising global threat-US official

(Adds details, quotes, background)

MUMBAI, Oct 15 (BestGrowthStock) – A top economic adviser to U.S.
President Barack Obama said on Friday protectionism is a rising
threat to the global economy that destroys value.

Governments in emerging markets, fearful that rising
exchange rates will hurt exports and stunt growth, have taken
measures to limit currency appreciation, sparking fears of
escalation into protectionism that could undermine global
growth.

“The rise of protectionism is one of the rising threats to
the global economy,” outgoing economic adviser Lawrence Summers
said in India’s financial capital.

Summers, in India ahead of the U.S. president’s visit next
month, declined to comment on currency tensions.

“In the end, protectionism makes people poor, makes nations
more hostile to one another, reduces opportunities for
businesses and for workers. And it is as good as being in a
zero-sum game, it is actually a negative-sum game because it
destroys value,” he said in response to an audience question
during a lunch.

“I am hopeful that the whole momentum in the international
economic integration will continue and that the world will sort
out the forces of protectionism.”

Summers, who coordinates economic policy for the president
as director of the White House National Economic Council, has
announced that he would step down at the end of the year to
return to Harvard University, where he is a professor.
(Reporting by Ketan Bondre; editing by Tony Munroe and Sugita
Katyal)

UPDATE 1-Protectionism a rising global threat-US official