2024-04-12 16:13:49
The volume of world trade in goods will grow by 2.6% in 2024, and by 3.3% in 2025, the World Trade Organization (WTO) predicts, Day.Az reports.
In 2023, global trade fell by 1.2%, the WTO report says.
“Import demand in real terms was weak in most regions in 2023, especially in Europe, but also in North America and Asia,” the organization’s economists noted. “The main exceptions were the Middle East and the Commonwealth of Independent States (CIS), where imports sharply increased”.
In dollar terms, global merchandise trade fell 5% last year to $24.01 trillion. The decline is partly due to falling prices for raw materials, including oil and gas.
According to WTO forecasts, a gradual slowdown in inflation in 2024-2025 will stimulate the growth of real incomes of the population of developed economies, and with it the consumption of manufactured goods.
“In 2024, it is already clear that demand for globally traded goods is recovering,” the WTO report said. “This is due to increased consumption by households driven by improved income prospects.”
Global real GDP growth in 2023 slowed to 2.7% from 3.1% a year earlier, WTO experts write. In 2024 they expect it to be 2.6%, in 2025 – 2.7%.
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