MARRAKECH, Morocco : World Trade Organization chief Ngozi Okonjo-Iweala said she hoped the Israel-Hamas conflict could be ended quickly, warning it would have a "really big impact" on already weak global trade flows if it widened throughout the region.
World Trade Organization Director-General Ngozi Okonjo-Iweala attends the Building Bridges conference in Geneva, Switzerland, October 2, 2023. REUTERS/Denis Balibouse/ File PhotoMARRAKECH, Morocco : World Trade Organization chief Ngozi Okonjo-Iweala said she hoped the Israel-Hamas conflict could be ended quickly, warning it would have a"really big impact" on already weak global trade flows if it widened throughout the region.
"We hope this ends soon and it's contained. Our biggest fear is if it widens, because that will then have a really big impact on trade," she said in an interview."Everybody's on eggshells and hoping for the best." "There is uncertainty about whether this is going to spread further to the whole region, which could impact very much on global economic growth," she said."We hope it will end because it does create this uncertainty. It's another dark cloud on the horizon."
The WTO said merchandise trade volumes would increase by just 0.8 per cent in 2023, compared with its April estimate of 1.7 per cent.
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