WTO Slightly Raises 2024 Global Trade Forecast Amid Geopolitical Risks

The World Trade Organization anticipates a 2.7% growth in merchandise trade, highlighting potential impacts from Middle East conflicts and economic policy uncertainties.

• Global merchandise trade is projected to grow by 2.7% in 2024, up from the previous 2.6% forecast.
• The WTO expects trade growth to reach 3% in 2025, contingent on the containment of Middle East conflicts.
• Inflation has decreased enough by mid-2024 to allow central banks to start cutting interest rates, boosting consumer spending.
• Diverging monetary policies among major economies could lead to financial volatility and challenges for poorer countries.
• Asia's exports are expected to grow by 7.4% in 2024, driven by strong performance in China, Singapore, and South Korea.

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SHINE Associated Press