WTO lowers forecast for global trade growth
Container ship at Lianyungang port, Jiangsu province, China. (Image: Getty Images)
According to WTO, forecast commercial growth this year at 2.5%, down more than half from 4.7% set at the end of last year.
The reason is that the global supply chain continues to be disrupted. The supply of many food products including wheat and corn was affected after Russia launched a special operation in Ukraine.
WTO said background global economy will suffer some serious consequences, and poor countries will suffer the most.
According to the WTO, the majority of African countries import wheat and cereals from Russia and Ukraine. Food prices on the continent have increased by 20% to 50%. Or as in Europe, there is a serious shortage of sunflower oil.
Therefore, according to the WTO, the immediate solution is to quickly find substitute products.
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