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2/28/24, 9:48 AM Global trade unlikely to hit 3.3% growth forecast as geopolitical tension rises, WTO says
He added that multilateral trading systems are at a “critical juncture”, facing challenges from
climate change, cost of living pressures, debt, slow recovery from Covid and other developmental
challenges.

Economic growth held up better than expected, despite slowing down, particularly in major
economies such as the US and India, resulting in a softer landing for the global economy than
expected, Ms Okonjo-Iweala said.

“However, there are places that are falling behind. The World Bank warns that the global economy
is on track for its weakest five-year performance in thirty years. In many developing countries,
debt distress, like high financing costs, remains a drag on economic prospects.”

Last month, the International Monetary Fund raised its global economic growth forecast, with
increased prospects of a soft landing this year, but risks remain amid slow and divergent
economic progress as geopolitical uncertainty mounts.

The multilateral lender expects the global economy to match last year’s 3.1 per cent growth in
2024 and improve slightly to 3.2 per cent next year.

Updated: February 26, 2024, 7:39 PM

DUBAI ABU DHABI UAE

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