The World Trade Organization (WTO) has warned that the world is heading towards a global recession due to successive crises.
The AFP news agency quoted the head of the World Trade Organization, Ngozi Okonjo-Iweala, as saying that the ongoing conflicts are creating crises that could lead to a global recession.
The organization has called on countries to change their policies.
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Similarly, the Reuters report stated that the Organization for Economic Cooperation and Development also expressed similar concerns, saying that the global economy could take a bigger hit next year than was feared last year and This is due to the effects of the Russia-Ukraine war.
The OECD report titled 'Paying the Price of War' said the conflict had fueled global inflation while the cost of living was already rising.
"The world is paying a heavy price for Russia's attack on Ukraine," OECD Secretary Mathis Korman told a news conference.
According to him, not only businesses but also ordinary people are facing loss due to increasing expenses and affected purchasing power.
Due to the war that broke out between Ukraine and Russia after the global epidemic of Corona, the prices of food items have seen a huge increase, while the prices of fuel have also increased.
Both Ukraine and Russia have been major producers of food in addition to fuel in the past, but their production has been affected by the war, leading to food crises in many parts of the world.
Experts have warned before that if the crises are not stopped, the situation will go towards recession, but now the World Trade Organization has expressed this danger in clear words.
