WTO Forecasts a Drop in Trade Growth
World trade is expected to lose momentum in 2023 as multiple shocks weigh on the global economy. World Trade Organization (WTO) economists predict global merchandise trade volumes will grow by 1.7%—down sharply from the previous estimate of 3.4%. Looking further ahead, the WTO expects a more subdued rebound next year than it previously expected. Goods trade growth for 2024 is now pegged at 3.2%, compared with its previous projection of 3.5%.
Source: World Trade Organization
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