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WTO chief expects downside revisions in global trade forecast

WTO chief expects downside revisions in global trade forecast

FILE PHOTO: World Trade Organization Director-General Ngozi Okonjo-Iweala walks at the Commonwealth Heads of Government Meeting (CHOGM) in Kigali, Rwanda, June 24, 2022. REUTERS/Clement Uwiringiyimana

GENEVA : The head of the World Trade Organization told Reuters on Tuesday that she expects that global trade forecasts will be revised lower from the current 3 per cent for 2022, citing the ongoing Russia-Ukraine war and related food and energy crises.

"We are in the middle of revising our forecasts now but it's not looking very promising. All the indicators are pointing to downside numbers," Director-General Ngozi Okonjo-Iweala told Reuters in an interview. "Grosso modo the outlook is looking gloomy," she said, without giving exact estimates.

The WTO already revised down its forecast for global trade growth this year to 3 per cent from 4.7 per cent in April. It projected 3.4 per cent growth in 2023.

Source: Reuters

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