WTO Chief Fears Global Economy Heading Towards Recession: Ngozi Okonjo-Iweala, the chief official of the World Trade Organization (WTO), believes the world is on the verge of a global recession caused by overlapping crises, and ways to restart development are being explored.
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“The Indicators are not Looking Good,” says Okonjo-Iweala
During an interview on Tuesday in Geneva, the Director -General of the World Trade Organization, Ngozi Okonjo-Iweala stated:
“The indicators are not looking good. I think a global recession – that is what I think we are edging too. But at the same time, we have to start thinking of the recovery. We have to restore growth.”
The World Trade Organization is set to reduce its trade growth projections for 2022 next month. In April, the Geneva-based trade group reduced its forecast for merchandise trade growth this year to 3% from 4.7% before.
The World Trade Organization’s depressing outlook for the global economy comes after the Paris-based OECD reduced its Group of 20 growth projections for next year.
Global Food Security & Electricity Access
“I am very concerned about food security. The specter of not having enough food is one that worries me. Access to energy is creating problems at the moment.”
Okonjo-Iweala stated that she is particularly concerned about food security and access to electricity, both of which have been increased by Russia’s invasion of Ukraine.