WTO: world trade growth to slow sharply in 2023

STORY: WTO: world trade growth to slow sharply in 2023 DATELINE: Oct. 6, 2022 LENGTH: 00:01:24 LOCATION: GENEVA, Switzerland CATEGORY: ECONOMY SHOTLIST: 1. various of WTO 2. SOUNDBITE (English): NGOZI OKONJO-IWEALA, WTO Director-General STORYLINE: 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, the World Trade Organization (WTO) said in a statement on Wednesday. WTO economists said in the statement that global merchandise trade volumes will grow by 3.5 percent in 2022 -- slightly better than the 3.0 percent forecast in April. However, for 2023 they foresee a 1.0 percent increase, down sharply from the previous estimate of 3.4 percent. The new WTO forecast estimates world gross domestic product (GDP) at market exchange rates will grow by 2.8 percent in 2022 and 2.3 percent in 2023 - the latter is 1.0 percentage points lower than previous projections. In their April forecast, WTO economists had to rely on simul