Global trade expected to improve after 2023 drop

Last year, the World Trade Organization (WTO) reported a 1.2 percent decline in global trade due to high energy prices and inflation. The WTO anticipates a trade increase in 2024 by 2.6 percent and by 3.3 percent in 2025, although the projection for 2024 has been revised down from an initial 3.3 percent forecast in October. WTO Director-General Ngozi Okonjo-Iweala acknowledged progress towards recovery in global trade, but also highlighted the risks posed by geopolitical disputes and trade fragmentation. She emphasized the importance of mitigating these risks to sustain economic growth. The article also mentions the observation that trade between China and the USA grew 30 percent less than their trade with the rest of the world. Danish Industry views the WTO’s general forecasts for the coming years as ‘positive news,’ noting a recent uptick in Danish industry growth.