WTO Cuts Global Trade Forecast

Current Context: Taking into account the impact of the current geopolitical situation (Ukraine Crisis) that has impacted the global supply chain, WTO has slashed the global trade target from 4.7 % to 3 %.

• The World Trade Organization had earlier this year projected that Global trade would witness a growth of 4.7 %.
• Taking cognisance of the prevailing disruption caused by the Ukraine Crisis and lockdown in the Chinese manufacturing market, the World Trade Organization has projected that global trade to come down to a 3 % growth.
• It has further projected the growth rate for FY 2023 to be 3.4 %.

Question:

Q.1 What is the projected global trade growth rate as per WTO for FY 2022 and 2023?
a. 3 % and 4.7 % respectively
b. 3 % and 4.3 % respectively
c. 3 % and 3.4 % respectively
d. 3 % and 4.0 % respectively