The World Trade Organization on Wednesday said that it expects global trade to rebound gradually this year, before rising further in 2025, as the impacts of higher inflation fall into the rearview mirror.
In its latest "Global Trade Outlook and Statistics" report, the WTO forecast that total global trade volumes will increase by 2.6% in 2024, and by a further 3.3% in 2025.
It follows a larger-than-expected 1.2% decline in 2023, as inflationary pressures and higher interest rates weighed on international trade.
The trade rebound is expected to be "broad-based," including across Europe, which experienced some of the deepest falls in trade volumes last year as a result of geopolitical tensions and the energy crisis caused by Russia's full-scale invasion of Ukraine.
"Europe was really weighing on international trade in 2023, and we don't see that being the case anymore," Ossa said.
Persons:
Ralph Ossa, CNBC's Silvia Amaro, Russia's, Ossa
Organizations:
World Trade Organization, Trade Outlook, WTO
Locations:
Europe, Africa, India, Pakistan, Southeast Asia, Qianwan, Qingdao Port, Qingdao, China, Ukraine