Experts lower 2023 trade growth forecast amid global manufacturing slowdown

Projections for growth in global merchandise trade in 2023 have been scaled back by economists amid a continued slump that began in the fourth quarter of 2022, according to the latest World Trade Organisation trade forecast released recently. According to them, the volume of world merchandise trade is now expected to grow by 0.

The report said trade growth should pick up next year accompanied by slow but stable GDP growth and sectors that are more sensitive to business cycles should stabilise and rebound as inflation moderates and interest rates start to come down. “ WTO’s Director-General, Ngozi Okonjo-Iweala, said: “The projected slowdown in trade for 2023 is cause for concern, because of the adverse implications for the living standards of people around the world. Global economic fragmentation would only make these challenges worse, which is why WTO members must seize the opportunity to strengthen the global trading framework by avoiding protectionism and fostering a more resilient and inclusive global economy.

Less than two weeks after announcing the reduction in the price of cement from N5500/6000 to the ex-factory price of N3, 500 per bag, the BUA Group has increased the prices of sugar, flour and spaghetti products. While the price slash in cement is yet to be felt by consumers across the country as the…

Experts have stressed the need for banks to accelerate investment in technology and step up innovations to enhance cost efficiency. The experts spoke at the official launch of Proshare Impact Report on Nigeria’s banking sector titled: ‘Reassessing Tier 1 Banks – the Class of 2023,’ in Lagos at the weekend. They maintained that for banks…

Source: News Formal (newsformal.com)

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