The World Trade Organization (WTO) has raised its forecast for global trade volumes this year, predicting growth will increase to 3 percent in 2025, assuming conflict in the Middle East is contained.
According to the OECD report, global trade has recovered this year from a decline in 2023 caused by higher inflation and higher interest rates. In April, the OECD forecast a 2.6 percent increase in trade volume and revised it upwards today to 2.7 percent.
The International Monetary Fund said last week that an escalation of the conflict in the Middle East could have major economic repercussions for the region and the global economy, but commodity prices were still below last year's highs.
