Globalism trade growth This can be roughly cut in half year And global economic growth can also being dragged down This is amazing year because of Russia invasion of Ukraine, the World Trade Organization (WTO) warned on Monday.
The World Trade Organization said that the Russian invasion Not only did it create a humanitarian crisis of “In huge proportions” but it was also I dealt a ‘hard blow’ to global economy.
Based in Geneva global trade body He said that while shares of Russia and Ukraine in Total world trade and the output is relatively smallThey are important suppliers of Basic products, particularly food and energy.
“Using a global Economic simulation modelthe Secretariat expects that the crisis can ease global Gross Domestic Product (GDP) growth 0.7 to 1.3 percent pointshad brought growth somewhere between 3.1% and 3.7% for 2022, the World Trade Organization said.
“The model also projects that global trade growth This is amazing year can be cut almost in half From 4.7% forecast by the World Trade Organization last October to between 2.4% and 3%.”
Russia invaded Ukraine on February 24 and the war is approaching its seventh week.
The World Trade Organization said some regions will be more They were more affected by the war than others.
Europe is main destination for Both Russian and Ukrainian exports are therefore likely to experience The heaviest economic impact organization She said.
drop shipments of Grains and other foodstuffs will raise prices of agricultural commodities, with negative consequences for food security in Poor areas, it added.
“The brunt of Suffering and destruction are felt people of Ukraine the same but costs in terms of reduced trade The output is likely to feel it people about the world via higher Food and energy prices and reduced Availability of “Goods exported by Russia and Ukraine,” the WTO study said.
“poorer countries High risk of war, because they tend to spend bigger portion of their entry on Food compared to the rich countries. This may affect political stability.”
