By Brenda Goh
DAVOS (Reuters) – The head of the World Trade Organization (WTO) said on Friday that, for now, the organization is maintaining its 1% forecast for global trade growth in 2023.
Director-General Ngozi Okonjo-Iweala said the WTO is not revising its projection downwards. The next review will be in April, she said.
World trade is likely to have lost momentum in the second half of 2022 and will remain subdued in 2023 as various shocks weigh on the global economy.
In October, WTO economists predicted a 1% rise in global merchandise trade volumes for 2023, a sharp drop from their previous estimate of 3.4%.
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