Covid-19 briefing

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Growth in the global economy is expected to be lower this year than it was in 2021, reflecting forecast markdowns in the world’s two largest economies. The US is expected to experience a 1.2 percentage point downward revision while China may see a 0.8 percentage point downgrade. Global growth is expected to slow to 3.8 percent in 2023, the IMF said.

The resurgence of global economic activity in the first half of 2021 lifted merchandise trade above its pre-pandemic peak, leading World Trade Organisation economists to upgrade their forecasts for trade in 2021 and 2022, the WTO said in a statement.

The global economy is expected to grow by 4.4% in 2022 (from 5.9% in 2021), according to the IMF.

The WTO expects the volume of merchandise trade to grow by 4.7% in 2022 (down from 10.8% in 2021 and 5.3% in 2020).