WTO forecasts weakening of international merchandise trade (1.7% in 2023 vs. 2.7% in 2022)

BancaMarch: The World Trade Organisation (WTO) forecasts a weakening of international merchandise trade. The World Trade Report 2023 reveals world trade volume growth of 2.7% in 2022 and the forecast for 2023 is 1.7%, below the average between 2010 and 2022.

The slower increase this year is due to high inflation and rising interest rates undermining global GDP growth and reducing demand for goods from major economies. The report also refers to the phenomenon of fragmentation and geopolitical tensions, which are encouraging the formation of trade allies based on politics, rather than the pursuit of lower costs and efficient trade. WTO members will meet in February in an attempt to stimulate global trade.

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