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Business Matters: WTO cuts world trade forecast by over 50%

WTO cuts world trade forecast by over 50%

06/10/2023 GMT

BBC World Service - Business Matters, WTO cuts world trade forecast by over 50%

Consumers losing their spending power because of  high interest rates

The World Trade Organization has cut its forecast for global trade growth in response to rising interest rates that have dented consumer spending power in the US, Europe and Asia.

The World Trade organisation has halved its estimate for global exports growth this year - from 1.7% to just 0.8%. Ngozi Okonjo-Iweala, WTO director-general, said the projected slowdown was “cause for concern, because of the adverse implications for the living standards of people around the world”.

(Picture: Glass globe representing international business and trade. Picture credit: Getty Images)

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