The Geneva-based organisation stated in its most recent Global Trade Report that although global commerce is expected to surpass $32 trillion in 2022, growth turned negative in the final three months of the year. The fourth quarter of 2022 saw unusually sluggish commerce between developing nations, with East Asia and Latin America performing poorly.
The UNCTAD predicted that things would improve in the second half of the year, citing factors including the likelihood that the US and the European Union will avoid recessions as well as the US dollar’s decline of over 7% between November 2022 and February 2023.
