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WTO Slashes Global Trade Growth to 1% in 2023

7 October 2022 03:04

The world trade organization is predicting global trade volumes will grow a lackluster 1 percent next year, as crises and challenges weigh on markets, including high energy prices, rising interest rates, and uncertainties about Chinese manufacturing output, amid the lingering covid-19 pandemic.

The geneva-based trade body said, that the amount of goods shipped between countries are expected to rise 3 and a half 5 percent this year, up from the 3 percent that w-t-o anticipated in its first forecast for the year in April.

However, WTO forecasted that trade volumes to grow just one percent in 20-23. This year, the higher trade volumes stems from better data, that arrived in the middle of the year,  it also contributes to a clearer forecast. Current oil productions from middle east countries and its trade volume have also affected global trade volume.