May 28, 2022
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WTO chief cautions vs  retreat from global trade

WTO chief cautions vs  retreat from global trade

WASHINGTON — Fragmentation of the global financial system and a retreat from global trade would make international locations extra weak to manufacturing shocks arising from pure disasters and outbreaks of deadly illnesses, the top of the World Trade Group (WTO) stated on Wednesday.

WTO Director Common Ngozi Okonjo-Iweala advised an occasion hosted by the Nationwide International Trade Council that economists estimated {that a} fragmentation of the global financial system might scale back global gross home product by 5% within the longer run.

She stated these losses could be compounded by greater transaction prices and stability of funds misery. It will additionally make it a lot more durable to deal with issues akin to local weather change, or stabilizing global meals and fertilizer markets that had been badly disrupted by the struggle in Ukraine. — Reuters

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