World is 'edging into' a recession, warns WTO chief Ngozi Okonjo-Iweala

The head of the World Trade Organization (WTO) added her voice to a growing chorus of observers who see the global economy headed into a recession. 
 

“The indicators are not looking good,” WTO Director-General Ngozi Okonjo-Iweala said during an interview in Geneva Tuesday. “I think a global recession — that is what I think we are edging into.”
 

Next month, the WTO is expected to slash its trade growth projections for 2022. In April, the Geneva-based trade body lowered its projection for growth in merchandise trade this year to 3 per cent, from its previous projection of 4.7 per cent.