The World Trade Organization's (WTO) chief, Ngozi Okonjo-Iweala, has issued a warning that global trade volumes for 2023-24 are expected to fall short of previous estimates. This comes amid a backdrop of multiple economic challenges and a growing trend towards protectionism. The global trade system has been identified as in need of an overhaul, with the current global economy being affected by factors such as war, uncertainty, and instability. These developments highlight the pressing need for adjustments within the global trade framework to better navigate the prevailing economic headwinds.
The head of the WTO says global commerce is performing weaker than forecast amid multiple economic headwinds and a political tilt toward protectionism https://t.co/ylue1bhZZS
Global economy is weighed down by war, uncertainty and instability, trade chief warns https://t.co/vSagszKJSH
The head of the WTO says global commerce is performing weaker than forecast amid multiple economic headwinds and a political tilt toward protectionism https://t.co/4YQhqvtxa7
WTO chief @NOIweala sees trade falling short of forecasts on weaker growth https://t.co/K2SfcsA7HA via @shruti838 @EMPosts https://t.co/y5Gqdq5sOC
🔴 WTO CHIEF: 2023-24 TRADE VOLUMES MAY FALL SHORT OF ESTIMATES.
The global trade system is in desperate need of an overhaul https://t.co/heFKxBErgA | opinion