WTO Slashes 2023 Trade Growth Forecast on High Rates and Weak Spending
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WTO slashes 2023 global trade growth forecast to 0.8% from 1.7% due to high interest rates and weak consumer spending.
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Inflation has kept interest rates high in most trading nations, hurting demand.
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Trade slowdown is broad-based across many goods, especially iron, steel, tech equipment, textiles and clothing.
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Cars a bright spot with surging sales compensating for pandemic shortages.
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Slower trade raises recession risk and could depress living standards, especially in poor countries.
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