WTO Slashes 2023 Trade Growth Forecast on High Rates and Weak Spending

WTO slashes 2023 global trade growth forecast to 0.8% from 1.7% due to high interest rates and weak consumer spending.

Inflation has kept interest rates high in most trading nations, hurting demand.

Trade slowdown is broad-based across many goods, especially iron, steel, tech equipment, textiles and clothing.

Cars a bright spot with surging sales compensating for pandemic shortages.

Slower trade raises recession risk and could depress living standards, especially in poor countries.