IMF and WTO spoke in favor of diversification of supplies
2022.11.29 13:53
IMF and WTO spoke in favor of diversification of supplies
Budrigannews.com – On Tuesday, the heads of the World Trade Organization and the International Monetary Fund cautioned against the negative effects that deglobalization would have on the global economy and instead advocated for smart actions to diversify supply chains.
After meeting with German Chancellor Olaf Scholz, IMF Managing Director Kristalina Georgieva told reporters that the COVID-19 pandemic and Russia’s war in Ukraine were posing the greatest threat to globalization since World War II.She advised, “But don’t throw the baby out with the bathwater.”Don’t stop the trade that benefits all of us.
According to Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, the WTO estimates that splitting the global economy into two trading blocs will, over the long term, result in a 5% decrease in global GDP.
