DAVOS 2023: WTO sticks with 1% projection for growth in global trade
Global Economy
20 January, 2023, 07:30 pm
Last modified: 20 January, 2023, 07:34 pm
World trade is thought likely to have lost momentum in the second half of 2022 and to remain subdued in 2023 as multiple shocks weigh on the global economy
World Economic Forum Geneva Managing Director Saadia Zahidi, Dean at the Paris School of International Affairs (PSIA) Arancha Gonzalez Laya, Governor of the State of Michigan Gretchen Whitmer, Leader of the Democratic Forces of Belarus Sviatlana Tsikhanouskaya, and journalist and activist Masih Alinejad attend the session "Women's Leadership: Towards Parity in Power" during the World Economic Forum (WEF) 2023 in the Alpine resort of Davos, Switzerland, January 19, 2023. REUTERS/Arnd Wiegmann
The head of the World Trade Organization (WTO) said on Friday it was sticking with its 1% projection for global trade growth in 2023 - for now.
Director general Ngozi Okonjo-Iweala said the WTO was not revising down its projection. The next assessment will be in April, she said.
World trade is thought likely to have lost momentum in the second half of 2022 and to remain subdued in 2023 as multiple shocks weigh on the global economy.
In October, WTO economists predicted a 1% increase in global merchandise trade volumes for 2023, down sharply from the previous estimate of 3.4%.
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