• Terms and Conditions
  • Privacy Policy
  • DMCA
  • Disclaimer
  • Cookie Privacy Policy
  • Contact Us
Sixsense News
Advertisement
  • Home
  • Business
  • Economy
  • Fintech
  • Finance
  • Insurance
  • Market
  • Startups
No Result
View All Result
  • Home
  • Business
  • Economy
  • Fintech
  • Finance
  • Insurance
  • Market
  • Startups
No Result
View All Result
Sixsense News
No Result
View All Result
Home Business

WTO slashes global trade forecast for 2023 to 1% as recession looms

Amiti Sen by Amiti Sen
October 5, 2022
in Business
0


Indian exporters need to brace up for more struggle in the new year as world merchandise trade volume growth is likely to slow to 1 per cent in 2023, down from the previous forecast of 3 per cent made in April this year, per fresh estimates released by the WTO on Wednesday. This is due to multiple shocks including the Ukraine war, high energy prices, inflation, and monetary tightening, it said.

Trade growth to slowdown

While global trade in goods in 2022 is now predicted to grow at 3.5 per cent–better than the 3 per cent estimated in April–it is expected to lose momentum in the second half of 2023 , the report pointed out.

Related articles

How to watch Major League Baseball’s Opening Day for free—without cable

March 30, 2023

PayPal’s BNPL offering has an advantage over Apple Pay Later

March 30, 2023

Slowdown in exports is expected in 2023 as import demand is likely to soften in major economies with growth slowing down for different reasons. “In Europe, high energy prices stemming from the Russia-Ukraine war will squeeze household spending and raise manufacturing costs.

In the United States, monetary policy tightening will hit interest-sensitive spending in areas such as housing, motor vehicles and fixed investment,” the WTO report said. China’s continued struggle with COVID-19 outbreaks and production disruptions paired with weak external demand has also been identified as a major factor for trade growth slowing down.  Growing import bills for fuels, food and fertilizers could lead to food insecurity and debt distress in developing countries, the report warned.

India’s Sept exports drop

In India, exporters are already facing the fallout of a deceleration in global demand. The country’s exports declined by 3.52 per cent to $32.62 billion in September 2022, while the trade deficit widened to $26.72 billion, per preliminary data released by the Commerce Department earlier this month. Although exports during April-September 2022-23 increased by 15.54 per cent to $229.05 billion, growth in July and August have been marginal.

The decline in exports of engineering goods, apparels and textiles sectors was of particular concern as these sectors are key to huge employment, according to exporters’ body FIEO.

Forecast

The WTO’s current forecast of 3.5 per cent growth in the volume of world merchandise trade in 2022 is slightly higher than previous estimate of 3 per cent mostly due to statistical revisions and the availability of new data, the report said 

The Middle East is expected to record the strongest export growth of any WTO region this year (14.6 per cent), followed by Africa (6 per cent), North America (3.4 per cent), Asia (2.9 per cent), Europe (1.8 per cent) and South America (1.6 per cent). In contrast, CIS exports are estimated to decline by 5.8 per cent this year.

SHARE

  • Copy link
  • Email
  • Facebook
  • Twitter
  • Telegram
  • LinkedIn
  • WhatsApp
  • Reddit

Published on October 5, 2022





Source link

Tags: forecastglobalLoomsrecessionslashestradeWTO

Related Posts

How to watch Major League Baseball’s Opening Day for free—without cable

by Chris Morris
March 30, 2023
0

It might be hard to tell in some regions of the country, but spring has sprung at last—and there’s no...

PayPal’s BNPL offering has an advantage over Apple Pay Later

by Investing.com
March 30, 2023
0

© Reuters PayPal's (PYPL) BNPL offering has an advantage over Apple Pay Later - UBS By Senad Karaahmetovic UBS analysts...

Rockwell Medical, Inc. (RMTI) Q4 2022 Earnings Call Transcript

by Freddie Green
March 30, 2023
0

Rockwell Medical, Inc. (NASDAQ:RMTI) Q4 2022 Earnings Conference Call March 30, 2023 8:00 AM ET Company Participants Heather Hunter -...

Analysts say next week’s BoI rate hike won’t be the last

by Aharon Katz
March 30, 2023
0

The analysts' consensus sees the Bank of Israel raising the interest rate on Monday by 0.25% to 4.5% - a...

Nifty sheds 431 pts in March F&O series, Nifty Bank slips 91 pts — here’s what to expect in April | Nifty 50, Nifty Bank in March FO series

by zee business
March 30, 2023
0

Indian equity benchmark Nifty 50 finished the March derivatives (futures and options) series with a loss of 430.6 points — which is...

Load More

How to watch Major League Baseball’s Opening Day for free—without cable

March 30, 2023

Which is Better, More or Less People?

March 30, 2023

12 Ways to Save Money on Health Care

March 30, 2023

I Lost $3,000 With My First Online Business — Here’s How My Second One Became Profitable | by Lauren Como | Mar, 2023

March 30, 2023

Green Labs secures $38.4M in debt financing about a month after conducting layoff

March 30, 2023

PayPal’s BNPL offering has an advantage over Apple Pay Later

March 30, 2023
Sixsense News

© 2022 Sixsense News All Rights Reserved.

Navigate Site

  • Terms and Conditions
  • Privacy Policy
  • DMCA
  • Disclaimer
  • Cookie Privacy Policy
  • Contact Us

Follow Us

No Result
View All Result
  • #3158 (no title)
  • Business
  • Economy
  • Finance
  • Fintech
  • Insurance
  • Market
  • Startups

© 2022 Sixsense News All Rights Reserved.