On Tuesday 30 July, the World Trade Organization (WTO) published its activity report for 2023. It shows that merchandise trade fell by 1.2% last year, whereas it had risen by 3% in 2022. The main reasons for this are inflation and high energy prices.
WTO Director-General Ngozi Okonjo-Iweala also warned against fragmentation of world trade. In her view, these are “troubling times” for trade.
However, she stressed the potential of services. This sector grew by 9% in 2023. “The future...