October 5, 2022

The World Trade Organization (WTO) forecasts a sharp slowdown in global goods trade growth next year as spiraling energy prices, rising interest rates and higher bills for food and fertilizer curb import demand.

The Geneva-based trade body said on Wednesday that merchandise trade would increase by 3.5 percent this year, up from its April estimate of 3 percent. However, for 2023, it sees trade growth of just 1 percent, compared with the April forecast of 3.4 percent.

"Today, the global economy faces multi-prong crises. Monetary tightening is weighing on growth across much of the world," WTO Director-General Ngozi Okonjo-Iweala told reporters.

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