But they said that for 2023, GDP growth is now expected to be just 2.3 percent, down from the previous forecast of 3.2 percent.
They then expect the volume to grow by only one percent in 2023 -- dramatically down from the 3.4 percent forecast in April.The WTO said surging energy prices in Europe, stemming from the war in Ukraine, were expected to squeeze household spending and raise manufacturing costs on the continent. Furthermore, the growing import bills for fuel, food and fertilizer risked leading to more food insecurity and debt distress in developing countries, the WTO said.
The global trade body stressed the vast uncertainty surrounding the forecasts, due to "shifting monetary policy in advanced economies and the unpredictable nature of the Russia-Ukraine war."
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