WTO downgrades forecast for world trade growth in 2023 to 1%
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World Trade Organization (WTO) predictsthat in 2023 the volume of world trade will grow by only 1% – an earlier forecast assumed growth of 3.4%. At the same time, the WTO slightly improved its forecast for the growth of world trade this year – from 3%, which it predicted in April, to 3.5%.
“Global trade is expected to lose momentum in the second half of 2022 and remain subdued in 2023 as multiple shocks weigh on the economy,” the WTO said. According to the organization’s analysts, this is due to different factors in different regions: in Europe – with rising energy prices, in the United States – with a tightening of monetary policy, and in China – with lockdowns due to COVID-19 and a global decline in demand.
The WTO has maintained its GDP growth forecast for 2022 at 2.8%. The GDP growth forecast for 2023 was worsened from 3.3% to 2.3%.
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