WTO Forecast A Slowdown Of Global Trade Growth

WTO Forecast A Slowdown Of Global Trade Growth

• World merchandise trade volume growth is likely to slow to 1 per cent in 2023, down from the previous forecast of 3 per cent made in April this year, per fresh estimates released by the WTO . This is due to multiple shocks including the Ukraine war, high energy prices, inflation, and monetary tightening, it said.

• The WTO’s current forecast of 3.5 per cent growth in the volume of world merchandise trade in 2022 is slightly higher than previous estimate of 3 per cent mostly due to statistical revisions and the availability of new data, the report said. The Middle East is expected to record the strongest export growth of any WTO region this year (14.6 per cent), followed by Africa (6 per cent), North America (3.4 per cent), Asia (2.9 per cent), Europe (1.8 per cent) and South America (1.6 per cent). In contrast, CIS exports are estimated to decline by 5.8 per cent this year.

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Published date : 06 Oct 2022 05:35PM