WTO Director-General Ngozi Okonjo-Iweala today predicted the arrival of a global recession at a time of simultaneous crises due to the war in Ukraine, high energy and food prices, and the adverse effects of climate change.

"The recession is coming, the indications are not positive at a time when both the World Bank and the International Monetary Fund have lowered their growth forecasts," Ngozi said at the opening of the World Trade Organization's (WTO) annual public forum.

"We are on the verge of a global recession, but at the same time we have to think about recovery, about a return to growth," she told the forum in Geneva.

The world "is in a very complicated moment, in a 'polycrisis' with impacts on security, climate, energy and food prices, hitting all countries at once, so we cannot continue with business as usual, we have to think of new ideas," the Nigerian politician said.

"Everyone feels these impacts, unless they are extremely rich and live in isolation," joked Ngozi quoted by Lusa, considering that "for the WTO countries it is certainly not a normal situation."

The WTO chief stressed that in the current context, almost the only response central banks can make is to raise interest rates as they are doing, although she assured that "the repercussions of these increases are very serious for developing and emerging economies."

"These economies are also adjusting their policies and raising rates, but those dictated by developed countries affect their debts and capital outflows, so it is difficult to evaluate these measures," Ngozi pointed out.