The global merchandise trade finds itself in dire straits due to a slump in manufacturing. Growth has been adjusted down to 0.8 percent for this year, which is less than half of the 1.7 percent increase projected in April. This information comes from figures released by the World Trade Organization’s economists this week.
Unlike the UNCTAD’s Trade and Development Report 2023, which suggested economies of EU member countries, especially Germany, as primary contributors to a bleak outlook, the WTO points towards risks from a sharper-than-expected downturn in China and a possible resurgence of inflation in advanced economies.
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