WTO chief expects downside revisions to global trade forecasts

World Trade Organisation (WTO) Director-General Ngozi Okonjo-Iweala has said she expects global trade forecasts to lower from the current 3-per cent figure, due to the ongoing Russia-Ukraine war and related food and energy crises.

She made the remarks in an interview with Reuters on September 27.

"We are in the middle of revising our forecasts now but it's not looking very promising. All the indicators are pointing to downside numbers," Okonjo-Iweala said, adding that the outlook is pretty much looking gloomy.

The WTO already revised its forecast for global trade growth this year down to 3 per cent from 4.7 per cent in April. It projected 3.4 per cent growth in 2023.