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WTO halves global trade growth forecast amid Ukraine woes ...News
The organization warns of a major food crisis The World Trade Organization (WTO) has cut its global trade growth forecast for 2022 due to Russia’s military operation in Ukraine and its immediate consequences – sanctions on Russia. While previously set at 4.7%, the global growth forecast was nearly halved this week to 2.5% due to “the impact of the war and related policies,” the WTO’s director general, Dr. Ngozi Okonjo-Iweala, told the BBC. According to the official, while Russia and Ukraine make up only about 2.5% of global merchandise exports, they “are very, very significant in certain sectors.” For instance, th
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