Current location:Cultural Crossings news portal > style
Global trade to rebound by 2.6 pct in 2024: WTO report
Cultural Crossings news portal2024-05-22 10:14:03【style】1People have gathered around
IntroductionGENEVA, April 10 (Xinhua) -- The volume of global trade in merchandise should increase by 2.6 percen
GENEVA, April 10 (Xinhua) -- The volume of global trade in merchandise should increase by 2.6 percent this year, the World Trade Organization (WTO) said in its annual trade statistics and outlook report published on Wednesday.
According to the WTO, the volume of world trade in merchandise fell by 1.2 percent last year, but will increase by 3.3 percent in 2025.
Global trade is expected to pick up gradually this year following a contraction in 2023 that was driven by the lingering effects of high energy prices and inflation, the report said.
Inflationary pressures are expected to further abate this year, allowing real incomes to grow again, thus providing a boost to the consumption of manufactured goods. "A recovery of demand for tradable goods in 2024 is already evident, with indices of new export orders pointing to improving conditions for trade at the start of the year," the report noted.
WTO Director-General Ngozi Okonjo-Iweala said: "We are making progress towards global trade recovery, thanks to resilient supply chains and a solid multilateral trading framework -- which are vital for improving livelihoods and welfare."
"It's imperative that we mitigate risks like geopolitical strife and trade fragmentation to maintain economic growth and stability," she added.
The report forecasts that Africa's exports will grow by 5.3 percent this year, faster than any other region. Furthermore, strong import volume growth of 5.6 percent in Asia and 4.4 percent in Africa should help prop up global demand for traded goods in this year.
While the economic impact of the Suez Canal disruptions stemming from the Middle East conflict has so far been relatively limited, some sectors, such as automotive products, fertilizers and retail, have already been affected by delays and freight costs hikes, the report noted.
The report said that geopolitical tensions have affected trade patterns marginally but have not triggered a sustained trend toward de-globalization.
"Some governments have become more skeptical about the benefits of trade and have taken steps aimed at re-shoring production and shifting trade towards friendly nations," WTO Chief Economist Ralph Ossa remarked.
The resilience of trade is also being tested by disruptions on the Panama Canal and the Red Sea, two of the world's main shipping routes, he added.
The report estimates that global GDP growth at market exchange rates will remain mostly stable over the next two years at 2.6 percent in 2024 and 2.7 percent in 2025. ■
Address of this article:http://qatar.antjekoch.com/article-70a099854.html
Very good!(64434)
Related articles
- Protesters against war in Gaza interrupt Blinken repeatedly in the Senate
- House Speaker Mike Johnson leaves uncertain his plan to advance aid for Israel and Ukraine
- Caitlin Clark selected with No. 1 in the WNBA draft by the Indiana Fever
- Chinese organization to boost recycling of renewable resources
- Hometown of Laura Ingalls Wilder set for a growth spurt
- DR MAX PEMBERTON: Why Joe Wicks is WRONG about diet and the real reason children are getting ADHD
- Mariners call up 21
- Abu Ghraib detainee shares emotional testimony during trial against Virginia military contractor
- Congo names third American in a foiled coup plot as mourners gather in Utah to remember plot leader
- 4 family members plead not guilty in abduction and abuse of a malnourished Iowa teen
Popular articles
Recommended
Mariachis. A flame
4 killed in coal mine accident in central China
Steve Sloan, former coach and national title
Rare birds spotted in north China's wetland
Hush money trial: Trump witness Costello back on the stand after admonishment
Inaugural Golden Panda Awards aims to boost global cultural exchanges
Paris Hilton backs California bill to bring more transparency to youth treatment facilities
Mariners call up 21
Links
- Florida's Bob Graham dead at 87: A leader who looked beyond politics, served ordinary folks
- Taylor Swift fan Ina Garten, 76, reveals even SHE struggled to buy Eras Tour tickets
- Vinícius Junior injured in Real Madrid's Champions League quarterfinals match against Man City
- Megan Thee Stallion, Patricia Arquette, and Busy Philipps lead the pro
- Free Cone Day is back at Ben & Jerry's
- Britain's contentious plan to send some migrants to Rwanda hits a hurdle in Parliament
- The Rockies have placed Kris Bryant on 10
- Report: China is exporting digital control methods — Radio Free Asia
- Mel B continues to fuel Spice Girls reunion rumours as she teases a tour: 'It's going to happen'
- Coffee in North Korea: It’s not just for capitalists anymore — Radio Free Asia