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The World Trade Organization (WTO) has updated its projections for global trade in upcoming years, reflecting a slower-than-expected recovery from the CCP (Chinese Communist Party) virus as a result of Russia’s ongoing invasion of Ukraine.
On Tuesday, the WTO issued a press release revising its predictions for global trade in 2022. Whereas the organization previously forecasted 4.7 percent growth in trade, the new figures call for mere 3 percent growth. The group also predicted 3.4 percent growth in trade for 2023.
The WTO also predicted that world GDP would expand by 2.8 percent this year, down from the previous forecast for 4.1 percent growth. In 2023, global GDP growth is projected to reach 3.2 percent, similar to the annual average for the previous decade.