The World Trade Organization (WTO) has revealed that geopolitical tensions, particularly those raging in the Middle East, remain the main threat to global trade.
Escalating tensions in the Middle East could lead to supply shortages and higher oil prices. It revealed that higher oil prices will affect macroeconomic activity. As well as on international trade.
The World Trade Organization had forecast that the volume of global merchandise trade would grow by 2.7 percent in 2024, slightly higher than its April forecast of 2.6 percent.
