WTO hikes trade growth forecasts for 2021 and 2022

The World Trade Organization revised up its forecasts for growth of global goods trade this year and in 2022, but warned of a two-track recovery and downside risks from the COVID-19 pandemic and supply chain problems.

The WTO said on Monday it expected merchandise trade would grow this year by 10.8% after a fall of 5.3% in 2020. In March, it had forecast 2021 growth of 8.0%.

The Geneva-based trade body said that trade growth should slow to 4.7% in 2022, more than its previous forecast of 4.0%, with trade approaching its pre-pandemic long-term trend.

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