KONTAN.CO.ID - GENEVA. The World Trade Organization (WTO) on Tuesday revised down its forecast for global trade growth this year to 3% from 4.7% because of the impact of the Russia-Ukraine war and warned of a potential food crisis caused by surging prices. The report from the global trade watchdog said the conflict, now in its seventh week, had damaged the world economy at a critical juncture as the coronavirus pandemic - and Chinese lockdowns specifically - continues to weigh on the recovery. "The economic reverberations of this conflict will extend far beyond Ukraine's borders," WTO Director-General Ngozi Okonjo-Iweala told a news conference presenting the findings.
WTO Slashes 2022 Global Trade Growth Forecast Amid Covid, Ukraine Double Whammy
KONTAN.CO.ID - GENEVA. The World Trade Organization (WTO) on Tuesday revised down its forecast for global trade growth this year to 3% from 4.7% because of the impact of the Russia-Ukraine war and warned of a potential food crisis caused by surging prices. The report from the global trade watchdog said the conflict, now in its seventh week, had damaged the world economy at a critical juncture as the coronavirus pandemic - and Chinese lockdowns specifically - continues to weigh on the recovery. "The economic reverberations of this conflict will extend far beyond Ukraine's borders," WTO Director-General Ngozi Okonjo-Iweala told a news conference presenting the findings.