UNCTAD: Positive Start, Pessimistic Outlook for Global Trade in 2023

Trade growth was positive for both goods and services in the first quarter of 2023, according to the UNCTAD’s latest Global Trade Update report. However the UN trade organization suggests a slowdown in global trade growth in the second quarter due to negative factors such as inflation, financial vulnerabilities, the war in Ukraine, and geopolitical tensions.

“Overall, the outlook for global trade in the second half of 2023 is pessimistic, as negative factors dominate the positive,” the report stated.

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