Sunday, July 14, 2024

International Trade Organization

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The World Trade Organization (WTO) reports that global trade is expected to recover in 2024, with a rebound in demand for manufactured goods. However, geopolitical tensions and policy uncertainty pose downside risks. Inflationary pressures have weighed on trade, leading to a 1.2% decline in world merchandise trade volume for 2023. Services trade has been more resilient, with commercial services exports up 9% in 2023. The report warns that fragmentation of trade patterns and disruptions to major shipping routes could limit the trade rebound. Regional trade outlooks vary, with Africa and the CIS region expected to see the fastest export growth in 2024. The WTO has also released new data on trade in services by mode of supply, providing insights into the impact of digitalization and the pandemic. Overall, the report highlights the need to mitigate risks and maintain a stable multilateral trading framework to support economic growth and stability.

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