Reuters
- Chief WTO Economist Ralph Ossa said on Monday the group's previous global trade growth estimates were "overly optimistic."
- Concerns are fueled by Yemen-based Houthi militants attacking commercial ships in the Red Sea.
- Despite the chaos, Ossa said he still has faith in the resilience of the international trade and global economy.
The World Trade Organization is likely to slash 2023 and 2024 trade projections due amid weaker-than-expected global economic activity and disruptive attacks by Houthi militants in the Red Sea.
The WTO previously projected a rise of 0.8% in merchandise trade volumes for 2023 and a 3.3% increase for 2024.