WTO cuts global trade growth forecast to 3% in 2022

The World Trade Organization (WTO) on Tuesday lowered its 2022 global trade forecast to 3 per cent, from 4.7 per cent, due to the ongoing conflict between Russia and Ukraine and a potentially more transmissible Omicron subtype fettering China. The forecast for 2023 is 3.4 per cent.

The downward revision follows the Russia-Ukraine conflict that has impacted commodity prices, disrupted supplies and intensified geopolitical and economic uncertainty. For 2023, this merchandise trade volume growth is projected at 3.4%.