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U.S. markets recover from steep losses
LONDON, Jan. 22 (UPI) -- The head of the World Trade Organization warned the global financial downturn was throwing economies in the Third World into potentially dangerous disarray.
Director-General Pascal Lamy told an audience in London Thursday many developing nations depended on demand for exports of raw materials and agricultural goods, which has been drying up in recent months.
"Add to this the fact that the crisis is also impacting negatively on external sources of funds, such as foreign direct investment or remittances, which greatly contribute to these economies, and you have a recipe for a potentially explosive economic and social situation," Lamy said in his speech at the U.K. Department for International Development.
Lamy said it was critical that international trade remain strong as a means of keeping individual national economies functioning.
The WTO said in a written statement it would begin issuing regular updates on the international trade environment to help nations navigate the current turmoil.
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