The latest outlook scales back the earlier optimism in the barometer from February, which suggested that trade might have been approaching a turning point, with stronger growth expected in the near future, WTO said in a press release.
The anticipated upturn may have been short-circuited by the conflict in Ukraine, which started in late February and triggered sharp rises in food and energy prices, which tend to reduce real incomes and lower economic growth.
China's imposition of major lockdowns to combat a new outbreak of COVID-19 has further disrupted trade and production.
The barometer index might have risen above trend if some of the underlying data in the component indices had not turned down in March and April.
In April, WTO forecast 3 per cent growth in the volume of world merchandise trade in 2022, down from the 4.7 per cent growth predicted as of last October.
ALCHEMPro News Desk (DS)
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