The World Trade Organization evaluated a global trade war scenario and assessed possible consequences, WTO Director General Roberto Azevedo said, addressing the international forum on the Promotion of Trade Facilitation and Investment for Development, which is underway in Astana.
He recalled that the WTO revised the forecast of global trade growth 2018.
"We announced the revision of our trade forecast for the WTO. We predict 3.9% instead of 4.4%, it is healthy growth," the Director General noted, adding that the figure for 2019 was reduced to 3.7% from 4%.
Azevedo said that the WTO evaluated several scenarios, including a global trade war scenario.
"If all countries set tariffs in a manner of lack of cooperation, this will affect the reduction in 17% of the global trading market, and will reduce GDP growth by 7.5%," the head of the WTO warned. Azevedo urged to do everything possible to improve the situation.
