The United Nations Conference on Trade and Development (UNCTAD) anticipates a 5% contraction in global trade for 2023 compared to the previous year, projecting total commerce to be around $30.7 trillion. While goods trade is expected to contract by nearly $2 trillion (8%), services trade is anticipated to increase by approximately $500 billion (7%). UNCTAD attributes this decline in global trade to reduced demand in developed nations, underperformance in East Asian economies, and a drop in commodity prices. The trade body describes the forecast for global trade in 2024 as "highly uncertain and generally pessimistic," citing persistent geopolitical tensions, high levels of debt, and widespread economic fragility as factors that may exert negative influences on global trade patterns.

SOURCE:GOOGLE