WORLD TRADE TO REBOUND IN 2024, GROW 2.6%: WTO
Why in the news?
Global trade is set to rebound in 2024, with increased consumption demand in advanced economies, despite lowered growth forecasts.
Source:eduprep
About Global Trade Outlook:
- The World Trade Organisation (WTO) forecasts a rebound in global trade volumes in 2024.
- Consumption demand is set to increase in advanced economies, driving growth after a challenging 2023 marked by a contraction in cross-border shipments.
- WTO revises down its growth forecast for 2024 to 2.6% from the previous projection of 3.3%.
- Factors contributing to the contraction in 2023, such as high energy prices and inflation, continue to impact trade dynamics.
About World Trade Organization(WTO):
Important Trades Agreements of WTO:
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