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DAVOS 2023: WTO sticks with 1% projection for growth in global trade

DAVOS 2023: WTO sticks with 1% projection for growth in global trade
DAVOS 2023: WTO sticks with 1% projection for growth in global trade Copyright Thomson Reuters 2023
Copyright Thomson Reuters 2023
By Reuters
Published on Updated
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By Brenda Goh

Davos, SWITZERLAND - 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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