(VOVWORLD) - Global trade is set to contract 5% in 2023, the UN Conference on Trade and Development (UNCTAD) said Monday, and its forecast for 2024 was pessimistic.
 Lianyungang seaport China's northeastern Jiangsu province (Photo: Xinhua/VNA) |
In its Global Trade Update, the UN organization projected that trade this year will total 30.7 trillion USD. Trade in goods is expected to contract by nearly 2 trillion USD, or 8%, but services trade should increase by about 500 billion USD, or 7%.
UNCTAD said global trade has experienced a decline throughout 2023, primarily influenced by falling demand in developed nations, under-performance in East Asia economies, and a decrease in commodity prices. While certain economic indicators hint at potential improvement, persistent geopolitical tensions, high levels of debt, and widespread economic fragility are expected to exert a negative influence on global trade.
 Director General of the World Trade Organization Ngozi Okonjo-Iweala (Photo: WTO) |
Director General of the World Trade Organization (WTO) Ngozi Okonjo-Iweala said that addressing global trade inequality is crucial for fostering healthy trade worldwide.
She said there are places where people who have been left behind, there are countries that didn’t benefit outside of the developing world as much as they should. "What we need to do is to re-imagine globalization," she said, adding that "we want a globalization that will include those who are left out at the margin, a more inclusive globalization.”
At the 28th UN Climate Change Conference (COP28) in Dubai the WTO Secretariat announced “Trade Policy Tools for Climate Action” to give governments a toolkit for meeting global climate targets.