Okonjo-Iweala’s outlook on global trade in 2024 is less positive

Ngozi Okonjo-Iweala, the chief of the World Trade Organization, expressed a less optimistic outlook for world trade in 2024 due to various factors.

These factors include weaker global economic growth, worsening geopolitical tensions, and disruptions in key trade routes such as the Red Sea, Suez Canal, and Panama Canal.

Speaking at the World Economic Forum in Davos, Okonjo-Iweala highlighted the downside risks to previous growth forecasts and stated that estimates for this year would be revised in the coming month.

The attacks by Yemeni rebels on Red Sea shipping and the drought affecting the Panama Canal have significantly impacted trade routes, leading to concerns and disruptions.

The recent Hamas attack on Israel and subsequent war in Gaza have further exacerbated the situation.