WTO Director General Dr. Ngozi Okonjo Iweala
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Dr. Ngozi Okonjo Iweala
The World Trade Organization has downgraded its outlook for global trade.
At a media briefing, WTO Director General Dr. Ngozi Okonjo Iweala said trade volumes for 2023 are expected to grow by just one per cent, down from the 3.4 per cent that had been predicted in April.
Dr. Okonjo Iweala said the downgraded outlook was due to the multi-pronged crisis being faced by the global economy. In particular, she pointed to monetary tightening affecting "much of the world", including the United States.
The WTO Director General added that low income developing countries face serious risks from food insecurity and debt distress.
To improve the global trade outlook, she said there needs to be increased global production diversification.
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