WTO Warns of Economic Impact Without Trade Reform
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Insights by Echo AI
The World Trade Organization (WTO) has assessed the potential impact of a halt to its operations on the global economy. Experts believe this could lead to a 26.9% drop in global exports and a 6.9% decrease in world GDP. The WTO also warns that failure to modernize the global trading system could leave global GDP up to 10% lower. Strengthening the multilateral trade system could increase global GDP by 2.9% by 2050, while erosion of current rules could impose losses of up to 6.9%.
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