Global trade to increase 2.7% in 2024
The volume of global merchandise trade is expected to increase by 2.7 percent in 2024, the World Trade Organization said in an update of the Global Trade Outlook and Statistics released on Thursday. This prediction is slightly higher than the WTO's earlier forecast of 2.6 percent made in April.
According to the report, global merchandise trade experienced an upward trend in the first half of 2024, showing a year-on-year increase of 2.3 percent. This growth is expected to be followed by further moderate expansion throughout the remainder of the year and into 2025.
Global real gross domestic product growth at market exchange rates is projected to remain steady at 2.7 percent in both 2024 and 2025, the report said.
The WTO noted that by mid-2024, inflation had decreased sufficiently to enable central banks to cut interest rates. This decline in inflation is expected to increase real household incomes and stimulate consumer spending, while lower interest rates should encourage firms to boost their investment spending.
The report forecasts a decline in exports in Europe by 1.4 percent and a decrease in imports by 2.3 percent in 2024. European exports have been negatively impacted by the region's automotive and chemicals sectors.
Meanwhile, exports in Asia for this year are expected to grow by 7.4 percent, outpacing other regions. Driven by manufacturing powerhouses such as China, Singapore and South Korea, the region's exports rebounded strongly in the first half of this year.
The short-term outlook for services trade is more optimistic than that for goods trade, with an 8-percent year-on-year growth in the US dollar value of commercial services trade recorded in the first quarter of 2024. The report added that statistics indicate this relatively strong growth is likely to continue into the second quarter.
Follow for news, updates and trends. Thanks.
buy these and enjoy Q4. dyor
#moonbix #MemeCoinTrending #SUIHitsATH #10MTradersLeague #Write2Earn!
