many major economies face a real risk of Slip into stagnation like war in ukraine, rising Food and fuel costs, high inflation hangs over global look head of The World Trade Organization warned on Wednesday.
“It may not happen everywhere, it may happen many times key countries risk “The slide into recession,” Ngozi Okonjo-Iweala, director-general of the World Trade Organization, told Reuters. on Sidelines of G20 leaders meeting in Bali, Indonesia.
Of course the effect of It can be very important for Emerging and poor markets countriesWhich need external demand From developed countries to recover.”
It is based in Geneva trade body last expected month global trade to me rise just 1% in 2023, down sharply from 3.5% rise for this is year.
“There are a lot of uncertainties and most of them of Risks on Downside”, like the aftermath of war in Ukraine said the headwinds of inflation.
Okonjo-Iweala said she called on G20 leaders phase out Restrictions on the export of foodstuffs, which have been on The rise And hurt the poor countries by payment up Food prices.
Among the few bright The sites it referenced are US President Joe Biden and Chinese leader Xi Jinping met on Sidelines of The G-20 summit to fix the strained bilateral relations that are among the uncertainties weighing on us on prospects for global recovery.
“no one want Too much to read into it, but it’s always good When the two largest economies in The world Okonjo-Iweala said of US-China Summit.
‘Unsettling for sure.’ tradeit is very useful.
Okonjo-Iweala said she was “very optimistic” that some breakthrough would happen made in Dispute settlement reform in the WTO system, which has been crippled since 2019 when the administration of former US President Donald Trump declined the appointment of judges for pleas body arbitration on global trade disputes.
Americans are actively consulting with other members on an informal level,” she said, adding that a stronger US participation would do help speed up progress on Fix from the start of next year.
in a meeting in September, trade Ministers of G-7 advanced economies agreed work Towards effective dispute settlement in the World Trade Organization system By 2024.
