The World Trade Organization (WTO) has downgraded its forecast for global GDP growth in 2022 to 2.8% from the previously expected 4.1%, according to a fresh report released on Tuesday. "World GDP at market exchange rates is expected to grow by 2.8% in 2022, down 1.3 percentage points from the previous forecast of 4.1%. Growth should pick up to 3.2% in 2023, close to the average rate of 3.0% between 2010 and 2019," the report said.
The decline in the GDP of countries of the Commonwealth of Independent States (CIS), excluding Ukraine, will be 7.9% this year, with regional imports expected to drop 12% as a result.
CIS exports, on the other hand, will not be affected by the crisis in Ukraine, the WTO said.
"Exports should grow by 4.9% as other countries continue to rely on Russian energy," the report read.
On February 24, Russia launched a military operation in Ukraine after the breakaway republics of Donetsk and Luhansk appealed for help in defending themselves against Ukrainian provocations. In response to Russia's operation, Western countries have rolled out a comprehensive sanctions campaign against Moscow.
Source: ANI / Sputnik