The WTO = World Trade Organization has shown a grim outlook that the world trade volume in 2023 will only increase by 1% compared to the previous year.
This is due to factors such as soaring energy prices and interest rate hikes in various countries.
On the 5th, the WTO held a press conference in Geneva, Switzerland, where its headquarters are located, and announced the outlook for world trade volume.
According to this, the growth rate in 2022 is expected to increase by 3.5% compared to the previous year, but it is expected to increase by 1% in 2023.
This is a significant downward revision of 2.4% from the previous forecast in April.
The factors include soaring global energy and food prices, as well as interest rate hikes by various countries, which are putting pressure on economic activity.
It warns that a worsening situation with Russia's invasion of Ukraine could deal a bigger blow.
At a press conference, Secretary-General Okonjo-Iweala emphasized that food insecurity and debt problems in developing countries are particularly serious, and said, "The global economy is facing multiple crises at the same time. The outlook for 2023 is rather bleak. It is becoming, "he showed a severe recognition.