The World Trade Organization (WTO) anticipates a substantial deceleration in the expansion of global commerce, forecasting growth to diminish to 1% in 2024. This represents a considerable downturn compared to prior periods.

Several factors contribute to this revised outlook:

• Geopolitical tensions
• Inflationary pressures
• Tightened monetary policies

The WTO emphasizes the necessity for international cooperation to mitigate these challenges and bolster trade flows. They suggest policies focused on:

• Reducing trade barriers
• Promoting investment
• Enhancing supply chain resilience

The organization plans to closely monitor global economic developments and adjust its forecasts as needed. They will provide updated assessments in subsequent reports.