For the global economy, the WTO only predicts growth of 2.8 percent, instead of the previously expected 4.1 percent.
(Photo: dpa)
Geneva Forecasts by the World Trade Organization (WTO) show that world trade will weaken significantly due to the war in Ukraine. The WTO published corresponding figures on Tuesday in Geneva. Accordingly, international trade is only likely to increase by 3.0 percent this year. So far, the WTO had expected 4.7 percent.
An increase of 3.4 percent is then expected for next year. “But these predictions are less certain than usual.“ Above-average growth is forecast for North America, below-average for Europe.
In addition to the Russian attack on Ukraine, which has fueled the already high energy prices and made food more expensive, there are numerous other problems for exporters according to the WTO. These include the lockdowns in China, the second largest economy in the world.
Many supply chains are still disrupted. Developing countries in particular would also feel the economic effects of the war.
Top jobs of the day
Find the best jobs now and
be notified by email.
For the global economy, the WTO only predicts growth of 2.8 percent, instead of the previously expected 4.1 percent. In 2023 it should then be 3.2 percent. For comparison: the average for the years 2010 to 2019 was 3.0 percent.
More: German companies are increasingly investing in France