Global Trade Growth to Slow Sharply Next Year, W.T.O. Says

The World Trade Organization (WTO) has released a forecast indicating that global trade growth will experience a significant slowdown next year. Although the organization noted that trade growth had proven more resilient in 2023 than initially anticipated, it warned that the momentum would not be sustained.According to the WTO, the imposition of tariffs by President Trump and other protectionist measures have contributed to the expected slowdown in global trade growth. The organization's economists had previously predicted a stronger decline in trade growth, but the actual figures for 2023 have been more encouraging.However, the WTO now expects trade growth to lose steam in 2024, largely due to the lingering effects of tariffs and other trade tensions. The organization has cited the ongoing uncertainty surrounding global trade policies as a major factor contributing to the slowdown.The WTO's forecast serves as a warning to governments and policymakers about the potential risks of continued protectionism and the importance of maintaining open and stable international trade relationships. As the global economy continues to navigate the complexities of international trade, the WTO's projections highlight the need for cooperation and dialogue to promote free and fair trade practices.