Global Supply Chain Woes Lingering Longer

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Shipping giant Maersk said that congestion in global supply chains leading to higher freight rates has continued longer than initially anticipated.

Maersk raised its 2022 profit guidance for a second time on Tuesday, 8/2/22, after beating quarterly revenue expectations as congested global supply chains that have boosted freight rates persist longer than expected.

It ain't over yet.

World Trade Organization Cuts Its Global Trade Growth Forecast for 2022

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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.