World Trade Organization Cuts Its Global Trade Growth Forecast for 2022

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The Ukraine war has led the World Trade Organization (WTO) to cut its global trade growth forecast for this year.

The previous 4.7% growth forecast has been cut to 2.5% due to "the impact of the war and related policies," said WTO boss Dr Ngozi Okonjo-Iweala.

The cut is also linked to continuing global supply chain problems that started as a result of the pandemic.

Dr Okonjo-Iweala told the BBC that although Russia and Ukraine only make up about 2.5% of global merchandise exports, they "are very, very significant in certain sectors."

Read on to learn how the Ukraine war to halve global trade growth, warns WTO.

from The Global Small Business Blog https://ift.tt/7V90ToX