The WTO warns: the division into two trade blocks could reduce world GDP by 5%

The director general of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, opened this Sunday the 12th Ministerial Conference of the organization asking for consensus from the 164 member states to prevent the world from being divided into two trade blocs, which would have a immense global economic cost that could, for example, reduce world GDP by 5%.

If the current geopolitical tensions over the war in Ukraine lead the world to a new division into blocs, “this could mean a 5% drop in world GDP,” warned the director general, who recalled that the 2008-2009 crisis ” single