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WTO improves global merchandise trade forecast by 2.8%

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WTO improves global merchandise trade forecast by 2.8%

Experts of the World Trade Organization (WTO) have revised the forecast for the situation in world trade in goods. According to the updated data on the organization's website, in 2021 it will amount to 10.8%, rather than 8%.

Trade growth is expected to slow to 4.7% in 2022. However, this figure is also higher than previously expected. In March, the WTO projected a 4% increase in merchandise trade for next year.

The organization noted that trade growth will be accompanied by market-weighted GDP growth of 5.3% in 2021 and 4.1% in 2022. It is worth noting that these figures have also been revised upwards (revised from 5.1% and 3.8% previously). GDP growth was boosted by strong support of monetary and fiscal policies, as well as the revival of economic activity in countries that were able to introduce COVID-19 vaccines on a large scale, the WTO explained.

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Author: Maria Buzanakova

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