Growth in global trade is expected to remain “subdued” this year, following a significant slowdown in the fourth quarter of last year amid geopolitical tensions and macroeconomic headwinds, according to the UN Conference on Trade and Development (Unctad).
Trade is set to stagnate in the first quarter of 2023, but the outlook is more positive for the second half of the year, the UN body said on Thursday in its latest update on global trade.
Global trade in goods during the first three months of this year is forecast to increase by about 1 per cent, while trade in services is expected to increase by about 3 per cent, from the fourth quarter of 2022, according to the report.
“Deteriorating economic conditions, the lifting of zero-Covid policies, and renewed concerns about inflationary pressures have resulted in a significant trade slowdown during the fourth quarter of 2022. While the economic outlook…