WTO goods trade barometer flat due to Ukraine war, COVID-19
27 May 22 2 min read
The latest outlook scales back the earlier optimism in the barometer from February, which suggested that trade might have been approaching a turning point, with stronger growth expected in the near future, WTO said in a press release.
The anticipated upturn may have been short-circuited by the conflict in Ukraine, which started in late February and triggered sharp rises in food and energy prices, which tend to reduce real incomes and lower economic growth.
China's imposition of major lockdowns to combat a new outbreak of COVID-19 has further disrupted trade and production.
The barometer index might have risen above trend if some of the underlying data in the component indices had not turned down in March and April.
In April, WTO forecast 3 per cent growth in the volume of world merchandise trade in 2022, down from the 4.7 per cent growth predicted as of last October.
Fibre2Fashion News Desk (DS)
Popular News
|
Foreign investment in Bangladesh declines in 2023: Reports |
|
The Lenzing Conclave in Varanasi gets an overwhelming response |
|
ADB & Citi partner to boost SME Trade finance across Asia-Pacific |
|
NCTO outlines steps for US to reverse fall in textile manufacturing |
|
Bangladesh 3rd largest apparel supplier for Malaysia this year |
|
MS & JK to showcase pigment printing tech at ITM Istanbul |