Home Business WTO: The world economy has been hit by multiple shocks, and global trade growth will slow down significantly in 2023 – yqqlm

WTO: The world economy has been hit by multiple shocks, and global trade growth will slow down significantly in 2023 – yqqlm

by admin
WTO: The world economy has been hit by multiple shocks, and global trade growth will slow down significantly in 2023 – yqqlm

WTO: The world economy has been hit by multiple shocks, and global trade growth will slow down sharply in 2023

Xinhua News Agency, Geneva, October 5 (Reporter Chen Binjie) The World Trade Organization issued a forecast on the 5th that the world economy has been hit by multiple shocks, and global trade is expected to lose growth momentum in the second half of 2022, and the growth rate will drop sharply in 2023.

WTO economists lowered their forecast for the growth rate of global trade in goods in 2023 to 1%, much lower than their April forecast of 3.4%; the new forecast believes that the global economy will grow by 2.3% in 2023, about 1 point lower than the previous forecast. percentage point.

WTO economists predict that the volume of global trade in goods will grow by 3.5% in 2022, and the global economy will grow by 2.8% in 2022.

The WTO said previous forecasts for 2023 appeared “too optimistic” given soaring energy prices, more widespread inflation and no sign of an end to the military conflict.

The WTO sees less import demand as growth in the world‘s major economies slows. High energy prices due to the Ukraine crisis will squeeze household spending in Europe and push up business production costs; tightening monetary policy in the United States will hit interest-rate-sensitive spending areas such as housing, cars and fixed investment. At the same time, rising fuel, food and fertilizer import prices could pose food security risks and debt problems for developing countries.

See also  Sport e Salute and CDP launch the Silicon Valley of sport tech

WTO Director-General Ivira said policymakers faced difficult choices and needed to find the best balance between policy goals such as tackling inflation, maintaining full employment and achieving a clean energy transition.

She stressed that trade is an important tool to enhance the global supply of goods and services and reduce the cost of achieving net zero emissions. The 12th WTO Ministerial Conference in June this year proved that with sufficient political will, WTO members can cooperate and move forward together.

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy