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WTO upgrades goods trade forecast as AI boom offsets Middle East disruption

WTO upgrades goods trade forecast as AI boom offsets Middle East disruption

AI demand drives stronger-than-expected goods trade despite Middle East conflict The World Trade Organization upgraded its forecast for global merchandise trade growth on Thursday, saying demand for AI-related products had helped offset the impact of disruptions caused by the US-Israeli war with Iran. World merchandise trade volume growth was stronger than expected and is now projected to reach 3.9% in 2026, up from 1.9% in the WTO's baseline forecast issued in March. It expects 4.1% growth in 2027, up from a previous forecast of 2.6%, and marginally below 2025 trade volume growth of 4.2%. A surge in spending on semiconductors and AI data centres provided a significant boost, with trade in those products jumping 67% from a year earlier, the report said. However, the Geneva-based trade watchdog downgraded its outlook for services trade to 3.3% in 2026, down from a previous baseline forecast of 4.8%, due to higher aviation fuel costs linked to the conflict in the Middle East. Growth forecasts this year for transport and travel services, both of which rely heavily on the region, were also cut to 0.9% and 0.2%, respectively.

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Politics

Israel FM says Colombia to open embassy in Jerusalem next Wednesday

Colombia's decision to open an embassy in Jerusalem marks a significant shift in its foreign policy. This move aligns Colombia with a select group of nations that have recognized Jerusalem as the capital of Israel, which has been a contentious issue in international relations. The announcement by Israel's foreign minister, Gideon Saar, indicates a growing trend among some countries to strengthen ties with Israel, despite the ongoing Israeli-Palestinian conflict. The opening of the embassy is scheduled for next Wednesday, further solidifying Colombia's diplomatic presence in the region. This decision may have implications for Colombia's relations with other Latin American countries and its stance on the Palestinian issue. As more nations recognize Jerusalem, the dynamics of international diplomacy in the Middle East could shift significantly. This development is likely to provoke reactions from various stakeholders, including Palestinian representatives and other nations opposed to recognizing Jerusalem as Israel's capital. The broader implications for peace efforts in the region remain to be seen as Colombia takes this step.

Arab NewsColombiaAdded 6 hours ago

Conflict

The Board of Peace’s commitment is tied to Israeli colonialism

The Board of Peace's recent statement highlights its alignment with Israeli interests, particularly in the context of ongoing violence in Gaza. It emphasizes that genuine security for Israel is essential for any future peace, which many view as dismissive of Palestinian suffering and historical injustices. This statement comes three years after the escalation of violence in Gaza, raising concerns about the narrative surrounding the conflict and the implications for Palestinian rights and recognition.

Middle East MonitorPalestineAdded 6 hours ago

Conflict

Lakurawa terrorists kill two security officers, foreign workers in Kebbi – Police

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Premium TimesNigeriaAdded 6 hours ago

Islamophobia

Islamophobic hate crimes surge 15% as Muslims remain most targeted religious group in Britain

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Human Rights

US expulsions to Africa ‘instrumentalize human suffering’: HRW

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Politics

Campaign seeks to bar Biden officials from power over complicity in US-backed Israeli genocide

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