The head of the World Trade Organization (WTO) added her voice to a growing chorus of observers who see the global economy headed into a recession.
“The indicators are not looking good,” WTO director-general Ngozi Okonjo-Iweala said during an interview in Geneva Tuesday. “I think a global recession -- that is what I think we are edging into.”
Next month, the WTO is expected to slash its trade growth projections for 2022. In April, the Geneva-based trade body lowered its projection for growth in merchandise trade this year to 3%, from its previous projection of 4.7%.
The WTO’s bearish expectations for the global economy come after the Paris-based OECD cut its growth forecasts for the Group of 20 next year.
Okonjo-Iweala said she is most focused on the issues of food security and access to energy -- both issues that have been aggravated by Russia’s invasion of Ukraine.
“I am very concerned about food security,” Okonjo-Iweala said. “The spectre of not having enough food is one that worries me. Access to energy is creating problems at the moment.”