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WTO maintains 1.7% trade growth projection


The World Trade Organization (WTO) predicts a “moderate pace” of global trade growth in the third quarter, continuing the uptrend from the prior period after two quarters of decline. Despite challenges from high commodity prices, tighter monetary conditions, and weak import demand, the WTO's goods barometer rose to 99.1 from 95.6 in May, indicating growth in line with medium-term trends. The WTO maintains its projected trade growth of 1.7% for the year as attainable if trade accelerates as expected in the second half. Despite strong auto exports from Japan and China, economic indicators in the US and Europe are slowing, and major shipping companies warn of depressed trade volumes for the rest of 2023. Additionally, China's economic challenges, including a property crisis and decreased demand for cars, chips, and electronics, may exacerbate concerns about flagging trade growth.

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