WTO lowers its 2022 global trade growth forecast to 3 pct from 4.7 pct

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The World Trade Organization (WTO) on Tuesday revised down its forecast for global trade growth this year to 3 percent from 4.7 percent due to the impact of the Russia-Ukraine war.

“The economic reverberations of this conflict will extend far beyond Ukraine’s borders,” said WTO Director-General Ngozi Okonjo-Iweala at a press conference presenting the findings.

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“It’s now clear that the double whammy of the pandemic and the war has disrupted supply chains, increased inflationary pressures and lowered expectations for output and trade growth.”

The Geneva-based body said that global trade growth in 2023 is expected to be 3.4 percent, noting that these estimates are less certain than usual due to uncertainty about the conflict.

Read more: US to stress economic independence to counter ‘unfair’ China trade practices

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