Answer:

>>> Social Science

If there is no cooperation in the economic field, it can lead to several negative consequences for countries and the global economy. Some possible outcomes are:

• Number 1

Trade wars: When countries refuse to cooperate, they may impose trade barriers, such as tariffs and quotas, to protect their own domestic industries. This can lead to a trade war, where countries retaliate against each other by imposing more barriers, which can result in decreased trade and economic growth.

• Number 2

Inefficient use of resources: Cooperation can also help countries optimize their use of resources, by specializing in goods and services that they have a comparative advantage in producing. Without cooperation, countries may be less efficient in their use of resources, leading to decreased economic growth.

• Number 3

Reduced international investment: Cooperation in the economic field can encourage international investment, as countries work together to create favorable conditions for investment. Without cooperation, countries may be more hesitant to invest in each other's economies, leading to decreased foreign investment.

• Number 4

Reduced global economic growth: Cooperation in the economic field can promote global economic growth, by increasing trade, investment, and efficiency. Without cooperation, the global economy may experience decreased growth, leading to reduced prosperity for people around the world.

Explain: Overall, cooperation in the economic field is important for promoting economic growth and prosperity, both at the national and global levels.

• 6 March 2023