THE World Trade Organisation (WTO) declared Russia's war with Ukraine is expected to slow the world economy's rebound from the Covid crisis, reduce goods trade, and lead to a broader splintering of global commerce, reports Bloomberg.
wto lowered its projection for growth in merchandise trade this year to three per cent, down from its previous projection of 4.7 per cent.
The WTO also declared it expects trade growth of 3.4 per cent in 2023.
'History teaches us that dividing the world economy into rival blocs and turning our backs on the poorest countries leads neither to prosperity nor to peace,' said WTO director-general Ngozi Okonjo-Iweala.
'The WTO can play a pivotal role by providing a forum where countries can discuss their differences without resorting to force, and it deserves to be supported in that mission.'
The WTO expects world gross domestic product to expand 2.8 per cent this year, down 1.3 points from the previous forecast of 4.1 per cent.
Gross Domestic Product (GDP) growth should pick up to 3.2 per cent in 2023, close to the average rate of three per cent in the decade before the Covid crisis.
SeaNews Turkey
wto lowered its projection for growth in merchandise trade this year to three per cent, down from its previous projection of 4.7 per cent.
The WTO also declared it expects trade growth of 3.4 per cent in 2023.
'History teaches us that dividing the world economy into rival blocs and turning our backs on the poorest countries leads neither to prosperity nor to peace,' said WTO director-general Ngozi Okonjo-Iweala.
'The WTO can play a pivotal role by providing a forum where countries can discuss their differences without resorting to force, and it deserves to be supported in that mission.'
The WTO expects world gross domestic product to expand 2.8 per cent this year, down 1.3 points from the previous forecast of 4.1 per cent.
Gross Domestic Product (GDP) growth should pick up to 3.2 per cent in 2023, close to the average rate of three per cent in the decade before the Covid crisis.
SeaNews Turkey