World Trade Organization Slashes Trade Forecast

World Trade Organization reduces global merchandise trade forecast
The container ship Maersk Line Manila is pictured at the ECT Delta terminal in Rotterdam's Harbour, in Rotterdam on August 1, 2022. (Photo by JOHN THYS / AFP) (Photo by JOHN THYS/AFP via Getty Images)

At a glance

  • The World Trade Organization (WTO) said that global merchandise trade will not grow as much as expected next year.
  • Previously, the WTO estimated in spring that global merchandise trade would grow by 3.4 percent next year but now forecasts that trade will only grow by one percent.
  • The loss in economic momentum comes amid rising interest rates, high energy prices, and a shrinking energy supply, as noted by the WTO.

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