WTO issues worldwide recession alert| MENAFN.COM

Friday, 09 December 2022 04:04 GMT

WTO issues worldwide recession alert


(MENAFN) According to the head of the Globe Trade Organization, the several overlapping issues are causing the world to enter a recession.

Ngozi Okonjo-Iweala remarked that trade indicators are "not looking too good" and that both the World Bank and the International Monetary Fund have lowered their predictions for global growth. She was speaking at the beginning of the WTO's annual public conference in Geneva.

A worldwide recession is now likely as a result of converging issues including rising food costs, rising living costs, and the energy shortage that were initially brought on by the coronavirus outbreak and then exacerbated by the conflict in Russia and Ukraine.

Okonjo-Iweala claimed that “I think a global recession. That’s what I think we are edging into. But at the same time, we have to start thinking of the recovery. We have to restore growth.”

Radical measures would be required to resurrect development since these shocks are "hitting countries at the same time," the former finance and foreign minister of Nigeria underlined.

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