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“The economic order after 1945 was built on the idea that the interdependence of countries brought peace and shared prosperity through increased trade and economic relations,” WTO chief Ngozi Okonjo-Iweala writes in the world trade report released Tuesday. “But the vision is at risk, as is the future of an open and predictable global economy.”
The WTO reported that geopolitical tensions are already affecting global trade. A model analysis shows that trade between geopolitical blocs grows more slowly than trade between countries within the bloc. However, warnings about getting rid of globalization are still misplaced. International trade in digital services, environmental products or international supply chains is still developing.
The report continues: The global economic order faces three main challenges: security and resilience, poverty and inclusion, and ecological sustainability. Open trade relations have reduced the risk of conflict and led to significant reductions in poverty over the past 40 years.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
