PRESS/909 5 October 2022 Page: 1/11 (22-7485) PRESS RELEASE E M B A R G O N O T F O R PU B L I C A TI O N , O R D I S T RI B U T I O N B Y N E W S A G EN C I E S U N T I L 1 2 : 0 0 H G E N E V A TI M E 5 O C T O B E R 2 0 2 2 TRADE STATISTICS AND OUTLOOK Trade growth to slow sharply in 2023 as global economy faces strong headwinds World trade is expected to lose momentum in the second half of 2022 and remain subdued in 2023 as multiple shocks weigh on the global economy. WTO economists now predict global merchandise trade volumes will grow by 3.5% in 2022—slightly better than the 3.0% forecast in April. For 2023, however, they foresee a 1.0% increase—down sharply from the previous estimate of 3.4%. MAIN POINTS ? World merchandise trade volume is expected to grow 3.5% in 2022 before slowing to 1.0% in 2023 (revised down from 3.4%). ? World GDP at market exchange rates will increase by 2.8% in 2022 and by 2.3% in 2023 (revised down from 3.2%). Import demand is expected to soften as growth slows in major economies for different reasons. In Europe, high energy prices stemming from the Russia-Ukraine war will squeeze household spending and raise manufacturing c