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Added on the 11/09/2023 11:53:39 - Copyright : AFPTV - First images
The World Trade Organization on Wednesday dramatically lowered its global trade forecast for 2023, as Russia's war in Ukraine and other shocks take their toll on the world economy. 'Today the global economy faces multi-prong crises. Monetary tightening is weighing on growth across much of the world,' WTO Director-General Ngozi Okonjo-Iweala told reporters in Geneva. SOUNDBITE
As new figures show the UK is in recession, with two successive quarters of falling GDP in Q3 and Q4 2023, the UK's Chancellor of the Exchequer Jeremy Hunt says that the economy is "more resilient than most people predicted" and insists that the government will "stick to our guns" on its plans to bring down inflation. News of the recession comes as voters go to the polls in two by-elections on Thursday, with the Conservatives fearful of losing one-time strongholds in Wellingborough, central England, and Kingswood in the southwest. SOUNDBITE
German Finance Minister Christian Lindner urges the European Union to "avoid a subsidy race we cannot avoid," warning that the bloc cannot simply follow United States economic policy moves. Speaking in Davos on the last day of the World Economic Forum, Lindner says the EU's "competitive disadvantage" to the US isn't subsidies, but its "private capitals market." SOUNDBITE
Opening day of the Dubai Airshow, the largest aerospace and defence event in the Middle East with more than 1,400 exhibitors from 95 countries. IMAGES
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