The World Trade Organization (WTO) has cut its global trade growth forecast for 2022 due to Russia’s military operation in Ukraine and its immediate consequences – sanctions on Russia.
While previously set at 4.7%, the global growth forecast was nearly halved this week to 2.5% due to “the impact of the war and related policies,” the WTO’s director general, Dr. Ngozi Okonjo-Iweala, told the BBC.
According to the official, while Russia and Ukraine make up only about 2.5% of global merchandise exports, they “are very, very significant in certain sectors.” For instance, the two countries are traditionally referred to as the world’s bread basket, as they are major exporters of grain, especially wheat and corn.
Okonjo-Iweala predicts that the global economy is “going to suffer some severe consequences,” with poorer states likely to suffer most from Ukraine-related “supply constraints on food,” which would inevitably drive up prices.
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