9 April, 2022
The Ukraine war has led the World Trade Organization (WTO) to cut its global trade growth forecast for this year.
The previous 4.7% growth forecast has been cut to 2.5% due to “the impact of the war and related policies”, said WTO boss Dr. Ngozi Okonjo-Iweala.
The cut is also linked to continuing global supply chain problems that started as a result of the pandemic.
She said disruptions would make food more costly, saying “my worry is that we have a food crisis that is brewing”.
Dr. Okonjo-Iweala told the BBC that although Russia and Ukraine only make up about 2.5% of global merchandise exports, they “are very, very significant in certain sectors”.