Trade
Global Trade to Drop 5% This Year Amid Geopolitical Headwinds
- UN agency sees robust services amid weaker goods trade
- Outlook for world trade ‘generally pessimistic’ into 2024
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Global trade will decline in 2023 by about 5% from last year’s record as high borrowing costs weigh on economies, US-China tensions redirect supply chains and more policies restricting cross-border commerce emerge, a UN agency said.