Trade
WTO Cuts Global Goods Trade Forecast Citing Broad-Based Slowdown
- Merchandise trade to grow 0.8% in 2023 vs 1.7% April forecast
- Revision due to inflation, Ukraine war, China’s economic woes
The World Trade Organization headquarters in Geneva, Switzerland.
Photographer: Fabrice Coffrini/AFP/Getty ImagesThis article is for subscribers only.
Global goods trade will grow at less than half the pace predicted six months ago, the World Trade Organization said, citing inflation in the US and Europe, a prolonged war in Ukraine and China’s sluggish recovery.
The Geneva-based institution said it expects the volume of merchandise trade in 2023 to increase 0.8% from last year, compared with its April forecast for a 1.7% gain, according to a report released Thursday. That’s well below the average of 2.6% annual growth registered since the global financial crisis.