Xinhua News Agency
GENEVA – Prospects for the global economy have darkened since the outbreak of the Russia-Ukraine conflict, said the World Trade Organization (WTO) in its annual trade statistics and outlook report published on Tuesday, April 12.
WTO economists projected in the report that the global gross domestic product (GDP) at market exchange rates is to grow by 2.8% in 2022, down 1.3 percentage points from the previous forecast of 4.1%.
Growth is expected to pick up to 3.2% in 2023, close to the average rate of 3.0% between 2010 and 2019.
The organization expected world merchandise trade volume to grow by 3.0% in 2022, down from its previous forecast of 4.7%. The growth rate is estimated at 3.4% for 2023, but these estimates are less certain than usual due to the fluid nature of the conflict.
The most immediate economic impact of the crisis has been a sharp rise in commodity prices, the report said. (Xinhua) – ag
