World trade expected to gain some ground in 2024

It comes as no surprise that world trade is expected to languish in 2023 according to the World Trade Organization (WTO).

WTO economists expect that global goods trade volume will inch up by 1.7% this year, falling sharply from the previous 3.4% estimate because of considerable shocks to the global economy, including political instability and conflicts in some regions of the world that create uncertainties and discourage international trade.

Barring any future global disruptions, the WTO predicts a moderate rebound in 2024, more modest than previously expected with trade growth moving up to 3.2%, but below an earlier estimate of 3.5%.