Global Trade Challenges and Opportunities

The World Bank's latest Global Economic Prospects report highlighted the struggles and slow recovery of global trade in 2023, with global trade in goods and services nearly flat, marking one of the weakest performances in 50 years outside of global recessions.
Global goods trade volume fell by 1.9% due to a sharp slowdown in global industrial production, while global services trade grew by 9%, driven by a 38% surge in tourism.
The report forecasts global trade growth to improve to 2.5% this year, supported by increased goods demand and inventory restocking in the US and Europe, and stabilizing demand from China