7,855.06 TL BIST 100 BIST 100
28.92 $ USD USD
€31.16 EUR EUR
38.38 TL Interest Interest
74.67 $ Fossil Oil Fossil Oil
23.80 $ Silver Silver
3.75 $ Copper Copper
132.52 $ Iron Ore Iron Ore
385.00 $ Ship Dismantling Ship Dismantling
1,883.86 TL Gold (gr) Gold (gr)

The world economy is heading towards recession

World Trade Organization (WTO) Director General Ngozi Okonjo Iweala stated that the indicators are not good and that the world economy is heading towards recession due to the crises. The WTO is expected to revise its growth expectations in trade downwards next month.

The world economy is heading towards recession

Ngozi Okonjo Iweala, Director-General of the World Trade Organization, was the last person to share his pessimistic views on the global economy.

"The indicators are not good," Iweala said, adding that the war in Ukraine, the climate crisis, food prices and energy shocks are approaching a global recession. Speaking in Geneva, Iweala said: "Now we have to fight the impending recession. I think we are heading towards a recession. We have to rekindle growth."

Iweala, who is also the former Nigerian Finance Minister, stated that they focus on food security and energy accessibility issues triggered by Russia's invasion of Ukraine. Expressing his concerns about food security, Iweala said, "The thing that worries me the most is the possibility of famine. Access to energy is also causing problems at the moment."

Iweala stated that inflation especially hits the poor and global Central Banks have no choice but to raise interest rates.

The WTO is expected to revise its 2022 trade projections downwards next month. In April, the institution lowered its 2022 growth expectation for global goods trade from 4.7 percent to 3 percent.


No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

EIB increased exports in October

Wednesday, December 6, 2023

TUIK announces November inflation rate

Monday, December 4, 2023

22 countries commit to nuclear power for net zero emissions

Sunday, December 3, 2023

World Bank increases funding for climate-related projects

Saturday, December 2, 2023

Export record was set in November with 23 billion 11 million dollars

Saturday, December 2, 2023
Follow List
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.

There are no news categories you follow
Edit Notification Preferences

Global Iron and Steel Exchanges

Iron and Steel Indices, Price and News

E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now