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A cargo ship leaves Yantai Port in east China's Shandong Province, October 1, 2022. /CFP
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.
Okonjo-Iweala warned against the "tempting response" to resort to trade restrictions to counter supply vulnerability.
"A retrenchment of global supply chains would only deepen inflationary pressures, leading to slower economic growth and reduced living standards over time," she said.
WTO economists anticipate a 2.3-percent rise in world GDP next year, down from the previous forecast of 3.2 percent.
By comparison, the Organization for Economic Co-operation and Development, which has maintained its 2022 forecast at 3 percent, expects growth of 2.2 percent next year.
(With input from Reuters, AFP)
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