WTO Chief Less Optimistic About 2024 World Trade Due to Geopolitical Tensions…

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WTO Chief Ngozi Okonjo-Iweala expressed a less optimistic outlook for world trade in 2024, citing weaker global economic growth and tensions in the Red Sea, particularly disruptions in the Suez Canal and the Panama Canal.

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The recent Hamas attack on Israel and subsequent conflict in Gaza have impacted trade forecasts, with the WTO expecting a lower growth figure for 2024 compared to previous projections.

The attacks by Yemeni rebels in the Red Sea and the severe drought affecting the Panama Canal have contributed to disruptions in vital trade routes, prompting concerns about the global trade outlook.

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