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Global trade growth to halt in H1 2023 due to worsening economic situations
Posted on March 31, 2023 |
In 2022, Global trade reached $32 trillion but a decline in Q4 2022 affected the developing countries as their trade fell by 6% compared with the previous quarter as exports of East Asian economies fell by 7%.
The existing levels of global debt and high-interest rates will affect the macroeconomic needs of many countries.
By November 30, 2022, less than half of the least developed and other poor countries were either unsafe or already in debt.
The trade outlook is doubtful due to constant geopolitical pressures and worries about inflation, high commodity prices, and the dangerous mix of high-interest rates and public debt.