In 2022, global trade reached a record $32 trillion. However, the recovery in trade has been uneven, and in the fourth quarter, world trade contracted in most regions, led by Russia and China.
International bodies like the World Trade Organization and the United Nations agree that 2023 will see a slowdown in trade growth. They cite inflation, commodity prices and rising interest rates, as well as the war in Ukraine. Potential positive factors include lower shipping costs and increased demand for services.
Special Collection – The Middle East