A 10% pay cut is coming — unless we act: Rob Staiger, Chief Economist, WTO

In this ET Digital special from Geneva, WTO Chief Economist Rob Staiger sits down with Deepak Ajwani Editor, The Economic Times Digital to unpack the findings of the World Trade Report 2026. Staiger explains why 72% of world trade still runs on negotiated WTO tariffs — down from 80% just two years ago — and what's at stake if that erosion continues: a global GDP swing between a 6.9% fall and a 2.9% rise by 2050. He walks through the "prisoner's dilemma" logic behind trade cooperation, why the average person could face a 10% pay cut in the worst-case scenario, why the poorest countries could see a 25% hit, and whether the multilateral system has actually delivered for the countries that need it most. He closes with a personal note: a 1988 story about an economist who declared "GATT is dead" — and was proven wrong within seven years.