29 November 2022

The head of WTO added her voice to a growing chorus of observers who see the global economy headed into a recession . ” The indicators are not looking good . ” WTO DG Ngozi Okonjo Iweala said during an interview in Geneva Tuesday . ” I think a global recession that is what I think we are edging into . “

Next month , the WTO is expected to slash its trade growth projections for 2022. In April , the Geneva – based trade body lowered its projection growth in merchandise trade this year to 3 % , from its previous projection of 4.7 % . The WTO’s bearish expectations for the global economy come after the Paris – based OECD cut its growth forecasts for the Group of 20 next year.

World eco slipping into recession
World eco slipping into recession

Okonjo – Iweala said she is most focused on the issues of food security and access to energy – both issues that have been aggravated by Russia’s invasion of Ukraine . ” I am very concerned about food security , ” Okonjo – Iweala said . ” The specter of not having enough food is one that worries me . Access to energy is creating problems at the moment . ” WTO head also said on Tuesday the 164 – member body can negotiate more ambitious deals , such as on agriculture , climate change and internal reform by its next major meeting , after concluding a series of trade deals in June.

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