WTO director-general Ngozi Okonjo-Iweala said on Tuesday that the economic reverberations from Russia’s invasion ‘will extend far beyond Ukraine’s borders’
The World Trade Organization on Tuesday revised down its forecast for global trade growth this year to 3 per cent from 4.7 per cent due to the impact of the Russia-Ukraine war and warned of a potential food crisis caused by surging prices.
“The economic reverberations of this conflict will extend far beyond Ukraine’s borders,” said WTO director-general Ngozi Okonjo-Iweala at a news conference presenting the findings. The Geneva-based body said that global trade growth in 2023 is expected to be 3.4 per cent, noting that both 2022 and 2023 estimates are less certain than usual due to uncertainty about the conflict.
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