WTO Slashes Forecast for 2023 Merchandise Trade Growth

The video discusses the pandemic's impact on global merchandise trade, highlighting a boom that is now unwinding, particularly in East Asia. Factors like inflation, higher mortgage repayments, the European energy crisis, and the Ukraine war contribute to a trade slowdown. Despite efforts to globalize trade through agreements like the CP TPP, reshoring trends are emerging. However, services trade, especially in tourism and education, shows growth potential.

What was a significant trend in merchandise trade during the pandemic?

• A shift towards luxury goods

• A focus on agricultural products

• An increase in demand for remote work and study goods

• A decline in consumer goods demand

Which region is most affected by the decline in merchandise trade demand?

• Europe

• East Asia

• South America

• North America

What are some factors contributing to the global trade slowdown?

• Technological advancements

• Increased agricultural production

• Higher mortgage repayments and the European energy crisis

• Decreasing inflation rates

What is the WTO's forecast for merchandise trade growth next year?

• 3%

• 1%

• 5%

• 10%

Which sector is expected to see growth despite the trade slowdown?

• Mining

• Agriculture

• Services trade, particularly in tourism and education

• Manufacturing