The World Trade Organization (WTO) has revised down its forecast for global trade growth this year to 3% from 4.7% because of the impact of the Russia-Ukraine war and warned of a potential food crisis caused by surging prices.
The report from the global trade watchdog said the conflict, now in its seventh week, had damaged the world economy at a critical juncture as the coronavirus pandemic - and Chinese lockdowns specifically - continues to weigh on the recovery.
The Geneva-based body forecast global trade growth in 2023 would inch up to 3.4%, noting that both 2022 and 2023 estimates are less certain than usual due to uncertainty about the conflict.
Source: www.reuters.com
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