The World Trade Organization downgraded its projection for trade growth this year to just 0.8 percent from 1.7 percent in April- due to inflation, high interest rates, China’s underwhelming recovery, a high U.S. dollar, and geopolitical tensions. The WTO’s outlook for 2024 remained relatively unchanged, declining slightly from 3.3 percent to 3.2 percent. Yet, two key variables could upend this forecast: a weak Chinese economy and high inflation rates in developed economies.
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