The chief and head of WTO i.e. The World Trade Organization has given a stern and triggering warning about the possible recession. The head of WTO is next in line predicting a possible recession. The concern has been raised by many economists and observers.
“The signs and indications are not looking good, tough times are ahead” World Trade Organisation Director-General, DG Ngozi Okonjo-Iweala told the reporters while giving a statement in Geneva. “I believe we are moving towards a disastrous global recession, it is coming and it is unavoidable”.
WTO in context with the recent environment is all set to slash the growth projections of the trade. The point to be noted is that last month WTO slashed the trade projections by 5% and in the previous month by 4.7% – the % is all set to increase further in coming months hinting towards the possibility of market collapse and recession.
OECD recently cut WTO’s growth forecasts for the org of the next 19 years.
The director Miss Okonjo said that she is more concerned about food and healthcare security. It’s also very likely that the upcoming recession shall severely impact the world in terms of energy and that will lead to scarcity of energy and power cuts eventually.
These issues are becoming serious with Russia’s aggression and invasion of the neighboring country Ukraine. Food security and energy already are becoming key concerns for Europe and the future looks bleak if the same trend continues.
The last time a recession happened, was in 2008. The financial and economic crises crippled the world and led to the sharpest possible decline in world trade and access to food and shelter. There was a huge rise in unemployment and poverty among the people. The worst hit states were those in Asia and Southern Africa.