WTO: Financial Crisis Still With Us

World Trade Organization (WTO) Director-General Pascal Lamy said the hangover from the financial crisis is still with us, Farm Progress reports. High unemployment in developed economies and sharp belt-tightening in Europe will keep fueling protectionist pressures. Lamy challenges WTO members to continue to be vigilant and resist these pressures and to work toward opening markets rather than closing them. He said stability should be the name of the game for 2011.

Economists are forecasting a modest 6.5% increase in global exports but with uncertainty about the impact of the earthquake and tsunami in Japan. ◆