WTO Global Trade Report: Cautiously Optimistic
The World Trade Organization, WTO, has released its latest Global Trade Outlook report. The report offers a cautiously optimistic outlook for global trade in 2024, after a decline in 2023.
The report predicts a 3.3% increase in global trade this year, due to factors like easing inflation and rising real incomes, particularly in developed economies. This will likely lead to a rise in demand for manufactured goods.
The report also warns of potential challenges including geopolitical tensions and policy uncertainty that could hinder trade growth. Food and energy prices could also rise again due to geopolitical events. The ongoing trade war between the US and China is also a concern, with bilateral trade slowing down in 2023.
On a more positive note, the trade in services sector grew by 9% in 2023, driven by recovering travel and digital services. This growth is expected to continue in 2024, thanks to major sporting events like the Olympics in Pa…
