World Trade Organization forecasts slowdown in global trade growth

World Trade Organization forecasts slowdown in global trade growth: WTO has forecasted a slowdown of global trade growth for 2023.

Reason: Sharply higher energy and food prices and rising interest rates curb import demand.

October 2022 Current Affairs Quiz

As per the report, the merchandise trade would increase by 3.5% in 2022-23, up from its April estimate of 3%. However, for 2023, it sees trade growth of just 1%, compared with a previous forecast of 3.5%. The WTO has provided a band of trade growth expansion of 2% to 4.9% for 2022-23 and of -2.8% to 4.6% for 2023.