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WTO PROJECTION ON GLOBAL TRADE GROWTH

Context

Following the impact of the Russia-Ukraine conflict, the World Trade Organization (WTO) has reduced its global trade growth prediction from 4.7 percent to 3 percent. The WTO has also warned of a potential food crisis caused by price increases.

Key Points

  • According to the WTO assessment, the war, which is now in its seventh week, has harmed the global economy, which was already in trouble owing to the COVID-19 pandemic.
  • China's lockdowns are also dragging on the country's economic recovery.
  • According to the paper, the crisis between Russia and Ukraine impacts the entire world.
  • The epidemic has disrupted global supply lines, boosted inflation, and decreased trade growth prospects with the war.

The World Trade Organization's forecast

  • The World Trade Organization predicts that global trade will grow by 3% in 2022 and 3.4 percent in 2023. 
  • Because of the conflict, predictions for 2022 and 2023 are questionable.

Food crisis warning

  • The group has also issued a warning about a potential food crisis that might affect the entire world due to disruptions in shipments from Russia and Ukraine, both of which are key exporters of grains and other commodities. 
  • This export dilemma is driving up costs and will have a global impact on underprivileged countries.

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