WTO lowers global trade forecast to 1% for 2023

New Delhi: The growth in world trade is expected to slow down to one per cent in 2023, due to global uncertainties, according to a WTO forecast.

The World Trade Organization (WTO) has also projected a growth of 3.5 per cent in global trade this year, as against the April estimate of 3 per cent. World trade is expected to lose momentum in the second half of 2022 and remain subdued in 2023, as multiple shocks weigh on the global economy, the multi-lateral body has said in a statement.

"WTO economists now predict global merchandise trade volumes will grow by 3.5 per cent in 2022 -- slightly better than the three per cent forecast in April. For 2023, however, they foresee a 1 per cent increase -- down sharply from the previous estimate of 3.4 per cent," it said.