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Consumer price inflation in OECD member countries hit the highest level in 34 years.
The WTO Secretary-General emphasized international solidarity, saying that the international community is facing an unprecedented 'multiple crises'.
This is reporter Kang Min-woo.
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Secretary-General Ngoji Okonjoiweala, during the opening press conference of the WTO Ministerial Meeting held for the first time in five years due to the COVID-19 outbreak, diagnosed that the world is facing an unprecedented multiple crises.
[Ngoji Okonjoiweala/WTO Secretary-General: Never in my life have there been so many conflicts at the same time.
Such 'multiple crises' or simultaneous crises are truly unprecedented.]
I mentioned international security, food and energy crises, and climate crises following the COVID-19 crisis and the Ukraine war, and one country can solve all these crises. He stressed the need for solidarity.
The WTO Ministerial Meeting, which will be held for four days in Geneva, Switzerland, until the 15th is the highest decision-making body attended by trade ministers from 164 member countries.
In particular, attention is paid to whether the meeting can find a solution to the food and energy crisis caused by the Ukraine war.
In the midst of this, warning tones are growing in the global economic outlook.
According to the Organization for Economic Cooperation and Development (OECD), the consumer price inflation rate of 38 member countries in April was 9.2%, the highest in 34 years.
On the other hand, the global economic growth forecast is being revised downward, raising concerns that the global economy may be plunged into 1970s-style stagflation, in which prices rise and the economy subsides.