Connect with us

Agriculture

WTO slashes 2023 global trade forecast as recession looms

Published

on

The World Trade Organization on Wednesday dramatically lowered its global trade forecast for 2023, as Russia’s war in Ukraine and other shocks take their toll on the world economy.

“Today the global economy faces multi-prong crises. Monetary tightening is weighing on growth across much of the world,” WTO Director-General Ngozi Okonjo-Iweala told reporters in Geneva.

Presenting a revision of their annual trade forecast, WTO economists said they still anticipate global economic growth to rise by 2.8 percent this year, in line with their expectations in April.

But they said that for 2023, GDP growth is now expected to be just 2.3 percent, down from the previous forecast of 3.2 percent.

By way of comparison, the Organisation for Economic Co-operation and Development, which has maintained its 2022 forecast at three percent, expects 2.2 percent growth next year.

The International Monetary Fund forecasts growth at 3.2 percent this year and 2.9 percent in 2023.

As for global merchandise trade, WTO economists said they now expect its volume to grow 3.5 percent this year, which is slightly higher than previously expected.

They then expect the volume to grow by only one percent in 2023 — dramatically down from the 3.4 percent forecast in April.

“The picture for 2023 has darkened considerably,” Okonjo-Iweala said.

 

READ ALSO: IMF Raises Nigeria’s Economic Growth Projection to 3.4%

 

The WTO said surging energy prices in Europe, stemming from the war in Ukraine, were expected to squeeze household spending and raise manufacturing costs on the continent.

Meanwhile monetary policy tightening in the United States was hitting the housing, motor vehicle and fixed investment sectors, and China was still grappling with Covid-19 outbreaks and production disruptions.

Furthermore, the growing import bills for fuel, food and fertiliser risked leading to more food insecurity and debt distress in developing countries, the WTO said.

If its forecasts pan out, world trade will slow considerably next year, but will still continue to grow.

The global trade body stressed the vast uncertainty surrounding the forecasts, due to “shifting monetary policy in advanced economies and the unpredictable nature of the Russia-Ukraine war.”

If the situation deteriorates, the WTO warned that trade growth next year could be as low as minus 2.8 percent, but it emphasised that if things shift in a more positive direction, it could be as high as 4.6 percent.

Last week, Okonjo-Iweala warned that Russia’s war in Ukraine, the climate crisis, food price and energy shocks plus the aftermath of the Covid-19 pandemic were creating the conditions for a world recession.

“Now we have to weather what looks like an oncoming recession,” she told the opening of the WTO’s annual public forum in Geneva.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Agriculture

Gov. Idris vows to sustain free fertiliser policy for farmers

Published

on

Gov. Idris vows to sustain free fertiliser policy for farmers

Gov. Nasir Idris of Kebbi, has vowed to sustain free distribution of fertilisers to farmers up to the end of his tenure.

The governor made the promise at Shanga Local Government Area while addressing party loyalists in continuation of his thank-you tour to Local Government Areas of the state.

He observed that sustaining the free distribution of fertilisers to farmers would boost the morale of farmers, increase food production and contribute to national food security.

Idris also pledged to sustain the payment of Hadaya (sacrificial ram) for intending pilgrims in his efforts to assist the pilgrims.

He thanked the people of Shanga for the support and cooperation they have been rendering to his administration.

Speaking on education, the governor said his government would continue to offer free education to the people of Kebbi to pave the way for an educated society.

He recalled that the state government had been providing N175 million monthly for secondary school students’ feeding but now increased it to N300 million per month.

Receiving those who dumped People’s Democratic Party (PDP) for All Progressives Congress (APC), the governor, assured them of equal treatment, insisting that the present administration was for the entire people of the state.

On requests of road construction linking villages in the area, Gov. Idris assured to fulfil the demands to ease movement of goods and people in the area.

In his speech, the APC Chairman in the state, Alhaji Abubakar Kana-Zuru assured the new members that they would be given equal treatment.

He urged the council chairman, commissioner and other political office holders to integrate the new members to give them a sense of belonging.

In a welcome address, Babangida Aliyu, the party Chairman, Shanga Local Government appreciated the governor for bringing development to their area in different sectors.

The News Agency of Nigeria (NAN) reports that the occasion also featured formal reception of about 8,000 PDP supporters including local government party exco, delegates and state assembly party candidate, Mustapha for 2019 and 2023 to ruling APC

 

Continue Reading

Agriculture

Borno establishes Ministry of Livestock, Fishery Development

Published

on

Gov Zulum Initiates Efforts to Revive Transborder Trade with Chad

The Borno Government has announced the creation of Ministry of Livestock and Fishery Development to align its

Development strategy with Federal Government initiatives, and boost the state’s economic potential.

Gov. Babagana Zulum made the announcement on Tuesday during the swearing in of two commissioners at the council chambers of the Government House.

Zulum underscored the importance of livestock and fisheries as vital sectors with untapped revenue potential.

He emphasised that the new ministry would focus on high-yield livestock breeds, milk production and fisheries, targeting both domestic consumption and export opportunities.

The governor said that “no state government can make substantial money in livestock alone, but we believe with the right investment and political will, the sector can generate significant revenue.”

He said that the growing demand for milk by yogurt companies and the proximity of Maiduguri to Asian and Arab markets, are great opportunities for dairy exportation.

The governor, therefore, assigned the Deputy Governor, Dr Umar Kadafur, to oversee the activities of the new ministry, citing his practical experience and passion for livestock development.

He said “livestock development is not just about academic qualifications, it is about practice and the deputy governor has demonstrated capability in that regard.”

According to him, the ministry will prioritise procuring high-yielding livestock varieties, enhancing milk production and creating sustainable rural projects to support

Local communities.

He said that projects in Mafa, Gajiram and in Southern Borno will soon be launched under the new ministry’s purview.

The governor urged civil servants and ministry personnel to take ownership of the new initiative, adding that the ministry’s success would contribute to the states

Long-term economic stability and self-reliance.

Continue Reading

Agriculture

News flash: Port Harcourt refinery begins operation

Published

on

Port Harcourt Refinery Recommences Operation After Years Of Shutdown

The Port Harcourt Refinery, managed by the Nigerian National Petroleum Company Limited (NNPC Ltd.) through the Port Harcourt Refining Company Limited (PHRC) has commenced operations after undergoing rehabilitation and modernisation.

The refinery with 210,000 bpd refining capacity located at Alesa, Eleme, in Port Harcourt, comprises two operational units which were established in 1965 and 1989.

The News Agency of Nigeria (NAN) reports that the old plant refines a capacity of 60,000 barrels per day (bpd), while the new plant refines 150,000 bpd.

It would be recalled that the Federal Government, under former President, Muhammadu Buhari, had in March 2021 secured a 1.5 billion dollars loan to rehabilitate the facility which contract was awarded to an Italian firm, Tecnimont S.P.A, a subsidiary of Maire Tecnimont Group.

NAN) reports that Malam Mele Kyari, the Group Chief Executive Officer of NNPC Ltd. is leading the team to inspect the first lifting of petroleum product from the facility after its rehabilitation.

 

Continue Reading

You May Like

Copyright © 2024 Acces News Magazine All Right Reserved.

Verified by MonsterInsights