Weaker economic growth and inflation are likely to hamper international commerce in the year ahead. “While the outlook for global trade remains uncertain, negative factors appear to outweigh positive trends”.
The value of global trade is set to reach a new record this year, increasing by about 12 per cent to an estimated $32 trillion, according to a UN report that signaled a slowdown heading into 2023. “The substantial trade growth during the last year was largely due to increases in the value of the trade of energy products,” the United Nations Conference on Trade and Development said in the report.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
Trade in merchandise goods soared to $25 trillion, an increase of about 10 per cent versus the prior year. Trade in services grew 15 per cent year-over-year to nearly $7 trillion, according to the report.
The UN body expects the inflation-adjusted value of global trade will diminish next year because of the combined impact of geopolitical frictions, lower economic growth, higher prices for goods and record levels of global debt.
Weaker economic growth and inflation are likely to hamper international commerce in the year ahead. “While the outlook for global trade remains uncertain, negative factors appear to outweigh positive trends”.
Inflation means the rise in prices of everyday goods like food, fuel and clothes. It…
The recently signed India-UK Free Trade Agreement (FTA) on 24 July 2025 marks a transformative…
On July 24, 2025, India and the United Kingdom signed a landmark Free Trade Agreement…
The Kargil War of 1999 was one of the toughest battles India every fought. Brave…
Jaggery is a natural sweet made from sugarcane juice or palm sap. It is used…
There are many countries in the world, and some of them start with the Letter…