World Goods Trade Down to No Growth for 2023

The World Trade Organization published a report Oct. 5 which says that the world’s trade in goods in 2023 will be nearly flat with that of 2022, showing a growth of only 0.8% year-to-year. It had grown by 3.0% between 2021 and 2022; and been forecast by WTO six months ago to grow by 1.7% this year. The organization cited “adverse implications for the living standards of people around the world,” and asserted that “The exact causes of the slowdown are not clear, but inflation, high-interest rates, U.S. dollar appreciation, and geopolitical tensions are all contributing elements.”