World merchandise trade volume is expected to grow by 3.0 percent in 2022, down from the previous forecast of 4.7 percent, according to the World Trade Organization (WTO)'s annual trade statistics and outlook report published on Tuesday.

The growth rate of world merchandise trade volume is projected at 3.4 percent in 2023, but it may be subject to revision due to uncertainty about the course of the conflict in Ukraine, according to the WTO.

"Services trade will also be affected by the conflict in Ukraine, including in the transport sector, which covers container shipping and passenger air transport," said the WTO.

Meanwhile, WTO economists projected in the report that the global gross domestic product (GDP) at market exchange rates is to grow by 2.8 percent in 2022, down 1.3 percentage points from the previous forecast of 4.1 percent. 

Growth is expected to pick up to 3.2 percent in 2023, close to the average rate of 3.0 percent between 2010 and 2019.

The organization expected world merchandise trade volume to grow by 3.0 percent in 2022, down from its previous forecast of 4.7 percent. 

The most immediate economic impact of the crisis has been a sharp rise in commodity prices, the report said.

(With input from Xinhua)