World Trade Organization (WTO) Slashes Forecast for Global Trade in 2022

©iStock/Maria Shapilova

The Russia-Ukraine war has damaged the world economy at a critical juncture as the coronavirus pandemic - and Chinese lockdowns specifically - continues to weigh on the recovery.

The World Trade Organization (WTO) on Tuesday, 4/12/22, 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.