Global Trade Growth Seen Slowing To 1.7% In 2023: WTO
NDTV
Presenting their annual trade forecast, WTO economists said they expected to see the volume of global merchandise trade slow to 1.7 percent this year -- a full percentage point lower than in 2022.
The World Trade Organization today said that 2023 global trade growth would be slightly better than feared, but would remain "subpar", weighed down by the Ukraine war and stubbornly high inflation.
Presenting their annual trade forecast, WTO economists said they expected to see the volume of global merchandise trade slow to 1.7 percent this year -- a full percentage point lower than in 2022.
That forecast was slightly better than feared last October, when the WTO projected 2023 trade growth would be as low as one percent, but a far cry from the 3.4 percent expansion initially projected a year ago.
The uptick from the October forecast was largely linked to China, the WTO said, pointing out that its lifting of Covid pandemic controls were "expected to unleash pent-up consumer demand in the country, in turn boosting international trade".
