WTO hikes trade forecasts but cautions on Covid-19 pandemic risk

The World Trade Organization revised upwards its forecasts for growth of global goods trade this year and in 2022, but warned of a two-track recovery leaving poor countries behind and downside risks from the COVID-19 pandemic and supply chain problems.

The WTO said on Monday it expected merchandise trade would grow this year by 10.8% after a fall of 5.3% in 2020. In March, it had forecast 2021 growth of 8.0%.

The Geneva-based trade body said that trade growth should slow to 4.7% in 2022, more than its previous forecast of 4.0%, with trade approaching its pre-pandemic long-term trend.

Director-general Ngozi Okonjo-Iweala described