The World Trade Organization (WTO) said on Tuesday that its global goods barometer was stable, pointing to stagnant global trade growth following a COVID-19 triggered slowdown.

The Geneva-based body said its goods trade barometer was steady at 100 points. The figure was weighed down by the Russia-Ukraine conflict but was lifted by the recent easing of pandemic in China.

It said that global trade growth slowed to 3.2 percent in the first quarter from 5.7 percent in the previous quarter, broadly in line with expectations.

Future uncertainty has increased due to the ongoing Russia-Ukraine conflict, rising inflationary pressures and further interest rate rises expected in wealthier countries, the WTO said.

The organization said the latest barometer reading is consistent with its most recent trade forecast from last April, which predicted 3 percent growth in the volume of world merchandise trade in 2022. A revised forecast will to be issued in early October.

(Source: Reuters with edits)