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WTO Predicts Global Trade Rebound In 2024 Amidst Economic Recovery
The Business Guardian
|April 12, 2024
According to a recent forecast by economists at the World Trade Organization (WTO), global goods trade is projected to gradually recover this year.
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This follows a contraction in 2023, primarily attributed to elevated energy prices and associated inflation.
The volume of world merchandise trade is expected to increase by 2.6 per cent in 2024 and 3.3 per cent in 2025 after falling 1.2 per cent in 2023.
However, regional conflicts, geopolitical tensions, and economic policy uncertainty pose substantial downside risks to the forecast, they asserted.
In the latest “Global Trade Outlook and Statistics” report, WTO economists noted that inflationary pressures are expected to abate this year, allowing real incomes to grow again — particularly in advanced economies.
In the process, it would provide a boost to the consumption of manufactured goods.
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