WTO raises global trade growth projection for 2024 to 2.7pc

The World Trade Organisation (WTO) has revised its growth projection for global merchandise trade in 2024 marginally upwards to 2.7 per cent, from the previous estimate of 2.6 per cent, reports BSS.

The multilateral trade body in its latest bi-annual trade outlook, 'Global Trade Outlook and Statistics', also revised its projection of world merchandise trade growth to 3 per cent in 2025 from its earlier estimate of 3.3 percent.

At a press conference on Thursday, WTO Chief Economist Ralph Ossa said, "Since the last report, inflation has cooled in advanced economies and central banks have started to lower interest rates. These developments were expected to lift consumption and investment spending and increase demand for imports. At the time we expected Asian economies to lead the recovery of trade, while North America, Europe, and other regions were expected to make smaller, but also positive contributions."