WTO: Trade growth likely to pick up in 2024 in spite of challenging environment

World Trade Organization (WTO) has released their ’Global Trade Outlook and Statsistics Report’ and it is looking positive.

These are comments from the WTO Cheif Economist Ralph Ossa:

”The latest edition of the WTO’s Global Trade Outlook and Statistics foresees a gradual recovery in world merchandise trade volume in 2024 and 2025. This follows a contraction in 2023 driven by the lingering effects of high energy prices and inflation in advanced economies, particularly Europe. So, what does our forecast indicate?

Specifically, we expect merchandise trade to grow by 2.6% in 2024 and 3.3% in 2025 after falling by 1.2% in 2023. However, there is a downside risk due to regional conflicts, geopolitical tensions and economic policy uncertainty”.

You can read more of his comments here: WTO Blog