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.
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