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%.
A joint publication entitled “Study Report on Disruptive Technologies” was launched by WTO Director-General Ngozi Okonjo-Iweala and World Customs Organization (WCO) Secretary-General Kunio Mikuriya at a virtual event today (3 October). The publication reviews how so-called disruptive technologies, such as blockchain, the Internet of Things, artificial intelligence and machine learning, can help to improve the conduct of international trade and border management.
