Wednesday, April 06, 2022

World Trade Organization Cuts Its Global Trade Growth Forecast for 2022

©iStock/Nuthawut Somsuk
The Ukraine war has led the World Trade Organization (WTO) to cut its global trade growth forecast for this year.

The previous 4.7% growth forecast has been cut to 2.5% due to "the impact of the war and related policies," said WTO boss Dr Ngozi Okonjo-Iweala.

The cut is also linked to continuing global supply chain problems that started as a result of the pandemic.

Dr Okonjo-Iweala told the BBC that although Russia and Ukraine only make up about 2.5% of global merchandise exports, they "are very, very significant in certain sectors."

Read on to learn how the Ukraine war to halve global trade growth, warns WTO.

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