Global trade growth is projected to weaken in the second quarter of 2023, with an “unfavorable” outlook for the latter half of the year, according to a report by the United Nations Conference on Trade and Development .In fact, it said “Global economic forecasts have recently been revised downwards and factors such as persistent inflation and, financial vulnerabilities, along with the ongoing war in Ukraine and geopolitical tensions, pose challenges to global trade.
Under the increasing demand for services, Unctad said, “Global commercial services are expected to continue growing in the second half of 2023, primarily driven by a rise in demand for information and communication technology services and by the rebound in travel and tourism sectors.” In contrast, Unctad listed the “negative factors” which include the geopolitical factors such as the war in Ukraine. In relation to this, it said “geopolitical tensions remain the biggest factors impacting international trade through 2023.”
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