Global trade growth to slow to 1.7% in 2023 amid Ukraine war: WTO
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World merchandise trade is expected to expand 1.7 percent in volume in 2023, slowing from a 2.7 percent gain last year, affected by the war in Ukraine, high inflation and tighter monetary policy, the World Trade Organization said Wednesday.
The 2023 growth projection is above the 1.0 percent increase estimated in October by the Geneva-based body, but far below the past 12-year average growth figure of 2.6 percent, according to its “Global Trade Outlook and Statistics” report.
“The lingering effects of COVID-19 and rising geopolitical tensions were the main factors impacting trade and output in...