GENEVA, October 10. /TASS/. The World Trade Organization (WTO) forecasts growth of the goods trade by 2.7% in 2024 and by 3% in 2025 but intensifying geopolitical strain and greater uncertainty in the economic policy continue creating significant risks, WTO said in its report.
"Global merchandise trade turned upwards in the first half of 2024 with a 2.3% year-on-year increase, which should be followed by further moderate expansion in the rest of the year and in 2025," WTO economists said. "The rebound comes on the heels of a -1.1% slump in 2023 driven by high inflation and rising interest rates," the Organization said.
" We are expecting a gradual recovery in global trade for 2024, but we remain vigilant of potential setbacks, particularly the potential escalation of regional conflicts like those in the Middle East," WTO Director-General Ngozi Okonjo-Iweala said. "The impact could be most severe for the countries directly involved, but they may also indirectly affect global energy costs and shipping routes. Beyond the economic implications, we are deeply concerned about the humanitarian consequences for those affected by these conflicts," she added.