WTO: War in Ukraine to curb trade, economic growth this year

By JAMEY KEATEN
Associated Press

GENEVA (AP) — The World Trade Organization is predicting that trade in goods will grow much less than previously expected this year, saying prospects for the global economy have darkened since the onset of Russia’s war in Ukraine. The Geneva-based trade body on Tuesday pointed to multiple uncertainties in its forecast for the next two years because Russian and Ukrainian exports of items like food, oil and fertilizers are under threat. It also cited the lingering impact of the COVID-19 pandemic, notably from lockdowns in China. It said world merchandise trade volume is expected to grow 3% this year, down from a forecast of 4.7% before the war began.