WTO chief says world may undershoot 3.3% merchandise trade growth rate for this year

The head of the World Trade Organization said on Monday that "the world" may undershoot the 3.3% merchandise trade growth rate for this year.

"Global merch trade volume growth in 2023 appears to have fallen short of the 0.8% we were projecting in October," WTO Director-General Ngozi Okonjo-Iweala said during an event in Abu Dhabi. "And given all the downside risks we may likely undershoot the 3.3% merchandise trade growth rate for this year."