Russia-Ukraine War has Damaged Global Economy — Okonjo-Iweala

Okonjo-Iweala said this in a press conference at the WTO's headquarters in Geneva.

The Director-General, World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, says the damage of the Russia-Ukraine war on the global economy is at a critical point. Okonjo-Iweala said this in a press conference at the WTO's headquarters in Geneva.

She also said the impact of the war would be felt around the world, especially in underdeveloped countries, adding that it has created immense human suffering. She further advised governments and multilateral organizations to work together to facilitate trade at a time of sharp inflationary pressures on essential supplies and growing pressures on supply chains.

Okonjo-Iweala noted that the world GDP at market exchange rates is expected to grow by 2.8 percent in 2022, down 1.3 percentage points from the previous forecast of 4.1 percent. Okonjo-Iweala said, “The war in Ukraine has created immense human suffering. It has also damaged the global economy at a critical juncture. Its impact will be felt around the world, particularly in low-income countries, where food accounts for a large fraction of household spending.