SIMIC

"The indicators are not looking good," said Ms Okonjo-Iweala. "I think a global recession - that is what I think we are edging into."

Next month, the WTO is expected to slash its trade growth projections for 2022. In April, the WTO lowered its projection for growth in merchandise trade this year to three per cent, from its previous projection of 4.7 per cent.

The WTO's expectations for the global economy come after the Paris-based OECD cut its growth forecasts for the Group of 20 next year.

Okonjo-Iweala declared she is focused on the issues of food security and access to energy, both of which greatly affected from Russia's invasion of Ukraine.

"I am very concerned about food security," said Ms Okonjo-Iweala. "The specter of not having enough food is one that worries me. Access to energy is creating problems at the moment."