WTO: Russia-Ukraine conflict jeopardizes global trade recovery
Time:Fri, 15 Apr 2022 09:24:52 +0800
keywords :
The World Trade Organization's (WTO) annual global trade forecast report released on the 12th indicated that the Russian-Ukrainian conflict jeopardized the fragile global trade recovery. Affected by the conflict between Russia and Ukraine, world merchandise trade volume would grow by 3.0% in 2022, lower than the previous forecast of 4.7%.
Russia and Ukraine are significant suppliers of basic commodities such as food, energy, and fertilizers. In addition, grain shipments to Black Sea ports have stopped, with severe consequences for food security in low-income countries and a sharp rise in commodity prices.
In the face of inflation and supply chain pressures, governments and multilateral organizations should work together to facilitate trade. Restrictions on trade will threaten household and business well-being and make building a lasting economic recovery from Covid-19 more difficult.
