ICC Secretary General John W.H. Denton AO said:
“The WTO’s anticipated projections are very much in line with the systemic disruption to trade that we’re seeing throughout our global business network. At a micro-level this means yet more production outages, fewer jobs created and a worrying increase in consumer prices.
“As we’ve said consistently in recent weeks, governments and development banks need to take a far more proactive stance to cushion the real economy from the spillover effects on the sanctions imposed on Russia. The WTO’s downgraded forecast must act as a wakeup call in this regard.
“While we fully respect the decision of governments to impose sanctions on the Russian Federation, corresponding political interventions are also urgently needed to reopen essential trade corridors for food and agricultural inputs to avoid a global humanitarian crisis.”