October 5, 2023

WTO lowers 2023 trade growth forecast amid global manufacturing slowdown

Projections for growth in global merchandise trade in 2023 have been scaled back by WTO economists amid a continued slump that began in the fourth quarter of 2022, according to the latest WTO trade forecast released on 5 October. The volume of world merchandise trade is now expected to grow by 0.8% this year, less than half the 1.7% increase forecasted in April. The 3.3% growth projected for 2024 remains nearly unchanged from the previous estimate.

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