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WTO has issued a report as per which the global GDP has been cut to 2.8 per cent which earlier was 4.1 per cent
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The World Trade Organisation (WTO) has reduced the global GDP growth to 2.8 per cent in 2022. The WTO had earlier projected the global GDP to be 4.1 per cent. The organisation has issued a report regarding this.
According to the report, the global GDP at market exchange rates is expected to grow at 2.8 per cent in 2022, which is 1.3 per cent lower than the previous forecast of 4.1 per cent. However, the report also states that the GDP is projected to grow by 3.2 per cent in 2023. At the same time, between 2010 and 2019, the average rate of GDP was close to 3 per cent.
The report said that the GDP of Commonwealth of Independent States (CIS) countries except Ukraine will fall by 7.9 per cent this year, resulting in a 12 per cent drop in regional imports.
Russia started a military campaign against Ukraine on 24 February. When Donetsk and Luhansk appealed to Ukraine for help in defending itself. However, in response to this Russian operation, Western countries have launched a massive sanctions campaign against Moscow.