Abu Dhabi – World Trade Organization (WTO) chief Ngozi Okonjo-Iweala indicated that the global economy is suffering huge losses due to instability. There has been a huge increase in the prices of foodgrains, fuel and energy, and this is stinging the pockets of the common people. This has also spread a feeling of disappointment among the public, and this year’s elections in many corners of the world are likely to be affected, Ngozi Okonjo-Iweala warned.

The annual meeting of the World Trade Organization held in the United Arab Emirates (UAE) began on Monday. Against the background of this meeting, the head of the WTO Okonjo-Iweala presented his role regarding the global economy. ‘Uncertainty and instability are visible in every corner of the world. The situation at the global level is becoming difficult every day. Multilateralism is under attack, and there is a need to reform the international trading system. At the same time, there is a need to increase cooperation with each other’, WTO chief Ngozi Okonjo-Iweala warned.

The global system is disintegrating, and this is also affecting the international economy. There has been a significant decline in global trade over the past year, and the organization has failed to achieve its projected objectives, Okonjo-Iweala said. If the process of disintegration of the international system continues, the global economy may suffer huge losses. The head of the WTO realized that both developed and developing countries would have to bear the losses.

The global economy has been in decline for the last two years, given the background of the spread of Corona and the Russia-Ukraine war, and there are indications that the same trend will continue in the new year. The consequences of the damage to trade caused by the Israel-Hamas war and the ongoing Houthi attacks in the Red Sea are beginning to emerge. In many countries, the prices of grains and daily essential goods have started to rise. If tension continues in the Red Sea, there is a possibility of inflation rising again in various countries of the world.

In the new World Bank report released last month, concern was expressed about the decline of the global economy for the third consecutive year. It was also indicated that the 2020-30 decade could be called the decade of lost opportunities. The World Bank had drawn attention to this in its report, stating that there are signs of global trade slowing down and developing countries will suffer the most. The risk of recession has been reduced to some extent, yet the fear of major damage to economic growth due to geopolitical tensions was expressed in this report.

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