WTO cuts global trade growth forecast to 3% in 2022
- The World Trade Organisation (WTO) has revised down its projection for global trade growth (in volume) for 2022 to 3 percent. Earlier in October 2021, this was estimated at 4.7 percent.
- 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%.
Points to remember:
- WTO Headquarters: Geneva, Switzerland
- What is the Global trade growth estimate in 2022 and 2023 as per WTO?
Source: Financial Express