WTO expects downward revisions in the global trade forecast

The Director of the WTO has lowered the global trade forecast again this year, mainly due to the war in Ukraine.

The World Trade Organization says its global trade forecast could be revised downward yet again.

“It’s not looking very promising. All the indicators are pointing to downside numbers,” said Director-General Ngozi okonjo-Iweala.

The Director-General cites the war in Ukraine as a chief reason, followed by related food and energy crises. Right now, the WTO expects growth of 3 percent. In April, the projection was 5 percent.

The Director did not specify when the revision will be released or by how much.