WTO chief says global economy is heading into a recession
(VOVWORLD) - World Trade Organization Director-General Ngozi Okonjo-Iweala said Tuesday that the global economy is heading into a recession caused by the conflict between Russia and Ukraine, climate change, rising energy prices, food insecurity, and the COVID-19 pandemic.
 World Trade Organization Director-General Ngozi Okonjo-Iweala (Photo: AFP/VNA) |
She said the World Bank and the International Monetary Fund have slashed their growth forecasts for the global economy and trade indicators are no longer positive.
Okonjo-Iweala said that insecurity, climate change, and soaring energy and food prices are affecting all countries, making normal economic activity unsustainable. Central banks are hiking interest rates.