WTO says its trade growth estimates appear ‘overly optimistic’

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The World Trade Organization will likely cut its estimates for goods trade growth for 2023 and 2024 due to a less buoyant global economy and the potential impact of disruptions to shipping through the Suez Canal, its chief economist said. The WTO had estimated in October that merchandise trade growth would be 0.8% for 2023 and 3.3% for 2024. But it now believes growth this year is threatened by geopolitical tensions such as those affecting the Suez Canal due to attacks on ships in the Red Sea by Yemen’s Iran-backed Houthis. Chief WTO Economist Ralph Ossa told Reuters on Monday...