WTO: Global trade expected to grow 1.7% in 2023

WTO: Global trade expected to grow 1.7% in 2023: According to the Global Trade Outlook and Statistics report, released by the World Trade Organisation (WTO), the global merchandise trade volume is expected to grow by 1.7% in 2023 as compared to an earlier estimate of 1% in October 2022.

April 2023 Current Affairs Quiz

The global trade body cautioned that the expected to be ‘subpar’, due to multiple factors, including the ongoing Russia-Ukraine conflict, stubbornly high inflation, tighter monetary policy and financial uncertainty. With this, the trade growth is below the 12-year average of 2.6 per cent since the trade collapse that followed the global financial crisis in 2008. 

It would be lower than 2.7% growth in 2022. The expectation would be ‘subpar’ due to multiple factors, including Russia-Ukraine conflict, high inflation, tighter monetary policy, and financial uncertainty.

WTO DG: Ngozi Okonjo-Iweala