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India’s merchandise exports could face major headwinds next year with the World Trade Organization (WTO) slashing its forecast for global trade volume growth to 1 per cent from 3.4 per cent estimated earlier, citing increasing downside risks.
The Geneva-based multilateral body said on Wednesday that world trade may lose momentum in the second half of 2022 and remain subdued in 2023 as multiple shocks weigh on the global economy.
“If the current forecast is realised, trade growth will slow sharply but remain positive in 2023. It should be noted that there is a high degree of uncertainty associated with the forecast due to shifting monetary policy in advanced economies and the unpredictable nature of the Russia-Ukraine war,” it added.
