The World Trade Organization on Wednesday dramatically lowered its global trade forecast for 2023, as Russia's war in Ukraine and other shocks take their toll on the world economy.

The World Trade Organization on Wednesday dramatically lowered its global trade forecast for 2023, as Russia’s war in Ukraine and other shocks take their toll on the world economy.

WTO economists said they now expect to see global merchandise trade volume grow 3.5 percent this year — slightly higher than previously expected — and then grow by only one percent in 2023, dramatically down from the 3.4 percent forecast in April.

They now expect global GDP to swell by just 2.3 percent next year, down from the previous forecast of 3.2 percent.

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