WTO cuts growth forecast for global trade

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Lower-than-expected trade growth is now likely this year, the WTO warns.


The World Trade Organization (WTO) has lowered its forecast for global trade growth in 2022 amid the ongoing Russian war in Ukraine and the continuing effects of the coronavirus pandemic. 
According to figures seen by the BBC, the governing body’s previous estimate of 4.7 percent has now been cut to just 2.5 percent. 
WTO director-general Dr Ngozi Okonjo-Iweala warned the global economy is likely to “suffer some severe consequences” as a result of the war and supply chain issues, with food production in particular a key concern. 
She said the effects and shortages will probably be felt most by poorer countries unless action is taken. 
However, Dr Okonjo-Iweala cautioned against nations taking a protectionist approach and concentrating production at home, pointing out that this could “create new vulnerabilities” and recommending building deeper international markets instead. 
The International Chambers of Commerce’s John WH Denton said the WTO’s projections “are very much in line with the systemic disruption to trade that we’re seeing throughout our global business network”.