The WTO has cut its forecast for global economic growth for the current year by more than one percentage point. The new estimate is 2.8 percent, according to a report released yesterday by the organization. The previous estimate was 4.1%. Next year, according to the WTO, global GDP growth will accelerate to 3.2%. Such a sharp decline in the current year is due to the Ukrainian conflict and the sanctions against Russia imposed against it, the report said. The organization mentions problems due to the disconnection of Russian banks from SWIFT and rising trade costs; in addition, the uncertain economic outlook negatively affects the level of confidence in the business environment and among consumers, resulting in a decline in global aggregate demand, it notes. Worsening the situation is also the new lockdown in China, announced in connection with the coronavirus outbreak. According to the WTO, it may cause a shortage of productive resources and spur inflation. The organization also lowered the forecast of international trade growth for the current year - the new estimate is 3%, which is 1.7% lower than the previous one.