This year, growth is expected to be 2.6, the WTO predicted in its forecast presented in Geneva on Wednesday.
The organization is painting a more pessimistic picture than it did in October. At that time it was based on plus 0.8 percent for 2023 and plus 3.3 percent for 2024.
“The decline from 2022 to 2023 was largely due to Europe,” said WTO chief economist Ralph Ossa. The development of trading volumes in Europe lagged behind most other regions. In the previous year, Europe’s exports fell by 2.6 percent and imports by 4.7 percent. This year, export growth of 1.7 percent and imports are expected to remain almost unchanged.
High energy prices and inflation dampened global demand for industrial goods in 2023. The WTO expects inflationary pressures to ease. This could increase real wages and increase demand, particularly in richer countries. However, the forecast is subject to change. The WTO pointed to risks such as wars, geopolitical tensions and uncertainty about economic policy measures.
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Source: Nachrichten
