Fears of slowing global trade growth(3)

The WTO previously released a report predicting that global trade in goods will continue to grow by 4.7% this year.

The UNCTAD report argues that global trade growth this year may be lower than expected given macroeconomic trends. Efforts to shorten supply chains and diversify suppliers could affect global trade patterns amid ongoing logistical disruptions and rising energy prices. In terms of trade flows, trade regionalization will increase due to various trade agreements and regional initiatives, as well as increased reliance on geographically closer suppliers.

At present, the global economic recovery is still under great pressure. The International Monetary Fund (IMF) released the update of the World Economic Outlook Report at the end of January, saying that the global economy is expected to grow by 4.4% this year, which is 0.5 percentage points lower than the forecast value in October last year. IMF Managing Director Georgieva said on February 25 that the situation in Ukraine poses major economic risks to the region and the world. The IMF is assessing the potential impact of the situation in Ukraine on the global economy, including implications for the functioning of the financial system, commodity markets, and direct implications for countries with economic ties to the region.