WTO slashes 2022 global trade growth forecast on Russia-Ukraine war

Report from global trade watchdog said the Russia-Ukraine conflict, now in its seventh week, has damaged the world economy at a critical juncture as the pandemic continues to weigh on recovery

The World Trade Organization (WTO) on Tuesday lowered its 2022 global trade forecast to 3 per cent, from 4.7 per cent, due to the ongoing conflict between Russia and Ukraine and a potentially more transmissible Omicron subtype fettering China.

The forecast for 2023 is 3.4 per cent.

Prospects for the global economy have darkened since the outbreak of war in Ukraine on February 24. These prompted economists at the global trade watchdog to reassess their projections for world trade over the next two years, it said in a statement. However, these figures may be revised due to uncertainty about the course the