Global Economy: Many Dilemmas

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The multilateral trading system in a multi-polar is struggling since the actual support for the collective action became negligent. The world needs a renewed and stronger commitment from all Governments to revitalize the multilateral trading system that can restore economic certainty at a time when it is badly needed. The World Trade Organization (WTO) predicted a growth by 4.5 percent in the global trade volumes in 2013 that it would remain below than 5.4 percent rate that had emerged as the average growth figure over the past two decades.

The WTO report showed the serious problems the global trade faced over the past months that it seems worse than it was, attributing this, among other reasons, to the budgets and persistent debt crisis in some major economies in the Group of Twenty (G-20) that has witnessed a slowdown in the imposition of new trade restrictive measures by G-20 economies, according to Director-General Pascal Lamy reports on G-20 issued last October. He reported that trade frictions seem to be increasing at a time of continuous economic difficulties.

He urged G-20 governments to redouble their efforts to keep their markets open, and to advance trade opening as a way to counter slowing global economic growth. Trade constraints and policies would increase the global economic problem and risk generating counter-reactions.

The problems and anxiety generated by the continuing global economic crisis increase the economic pressures raise trade barriers.

It Seems that the global economy is facing major dilemmas, due to, among other things, budgets and persistent debt crisis in some major economies as well as the euro crisis.

30/03/2017
Mazin bin Mohammed Batarji
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