The World Trade Organization (WTO) forecasts a 2024 rebound in global trade despite a possible inflation uptick.

The WTO is forecasting an increase in global trade of 2.6% this year while warning of possible downside risks in inflation, economic uncertainty, geopolitical tensions and regional conflicts.

Additionally, the WTO forecasts a 3.3% growth rate in global trade in 2025.

According to the WTO, 2023 recorded a decline of 1.2% in global trade, which was most pronounced in terms of merchandise exports falling by 5%.

The 2023 import trade was down, especially in Europe, where it fell sharply. The main exceptions were the large fuel-exporting economies whose imports were sustained by strong exports because energy prices remained high by historical standards.

The WTO forecast calls for trade in services to remain high in 2024 and 2025.