World Commerce Group (WTO) director-general Ngozi Okonjo-Iweala attends a information convention in Geneva, Switzerland, October 4, 2021. REUTERS/Denis Balibouse
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WASHINGTON, April 27 (Reuters) – Fragmentation of the worldwide financial system and a retreat from world commerce would make nations extra susceptible to manufacturing shocks arising from pure disasters and outbreaks of deadly ailments, the top of the World Commerce Group stated on Wednesday.
WTO Director Basic Ngozi Okonjo-Iweala informed an occasion hosted by the Nationwide International Commerce Council that economists estimated {that a} fragmentation of the worldwide financial system might scale back world gross home product by 5% within the longer run.
She stated these losses can be compounded by greater transaction prices and stability of funds misery. It might additionally make it a lot tougher to deal with issues akin to local weather change, or stabilizing world meals and fertilizer markets that had been badly disrupted by the warfare in Ukraine.
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Reporting by Andrea Shalal; Modifying by Jacqueline Wong
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