WTO lowers its global trade prediction for 2023 as a recession approaches

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Last Updated on October 5, 2022 by Bitfinsider

The World Trade Organization (WTO) on Wednesday (Oct. 5) sharply reduced its global trade prediction for 2023 as the impact of the Russian military conflict in Ukraine and other shocks on the global economy mount.

WTO experts updated their annual trade projection, but they remain confident that the global economy would grow by 2.8% this year, as they had predicted in April.

However, they noted that the earlier estimate of 3.2% GDP growth for 2023 has been revised down to just 2.3%.

To put things into perspective, the Organization for Economic Co-operation and Development (OECD), which has kept its 2022 prediction at 3%, anticipates 2.2% growth in 2019.

According to the International Monetary Fund (IMF), growth will be 3.2% this year and 2.9% in 2023.

The volume of international commerce in goods is now projected to increase by 3.5% this year, which is somewhat more than what was originally predicted, according to WTO experts.

The volume growth prediction for 2023 is then reduced to just 1%, a significant decrease from the April forecast of 3.4%.

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