WTO Chief apprises that world is heading towards a global recession

The World Trade Organization’s Chief said Tuesday she believes the world is heading toward a global recession due to multiple colliding crises and called for policies to revive growth.

Speaking at the opening of the global trade body’s annual public forum in Geneva, WTO Director-General Ngozi Okonjo-Iweala said, the Russia- Ukraine conflict, the climate crisis, food prices and energy shocks plus the aftermath of the COVID-19 pandemic were creating the conditions for a world recession. She noted that the World Bank and the International Monetary Fund had both downgraded global growth forecasts, while indicators on trade numbers were not looking too good.

The former Nigerian finance and foreign minister said central banks were in a tight spot, with little choice over the course ahead. She stressed the need for central banks to determine whether inflation was being caused by strong demand or whether the rise in prices was linked to structural problems on the supply side. Ms.Okonjo-Iweala said, her top concern was how to ensure food security, followed by access to energy.