2023
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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2.6%
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1.6%
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2.2%
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1.2%
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Detailed explanation-1: -WTO economists now predict global merchandise trade volumes will grow by 3.5% in 2022-slightly better than the 3.0% forecast in April. For 2023, however, they foresee a 1.0% increase-down sharply from the previous estimate of 3.4%.
Detailed explanation-2: -Global trade growth is likely to slow down in the closing months of 2022 and into 2023, according to the World Trade Organisation (WTO) Goods Trade Barometer. The reasons would be shocks related to the Russia-Ukraine conflict, high energy prices, inflation, and monetary tightening in major economies, it said.
Detailed explanation-3: -As of 2021, world trade volume and value have expanded 4% and 6% respectively on average since 1995, when the WTO was first established.
Detailed explanation-4: -Merchandise trade volume declined by 0.1 per cent in 2019, compared with 2.9 per cent growth in 2018. World GDP growth slowed to 2.3 per cent, down from 2.9 per cent the previous year. The US dollar value of merchandise trade fell year-on-year, dropping 3 per cent to US$ 18.89 trillion in 2019.