Recently World Trade Organization (WTO) slashed its

Solution

World Trade Organization (WTO) slashed its forecast for global trade volume growth to 1 percent from 3.4 percent estimated earlier, citing increasing downside risks. According to the multilateral body, the world trade may lose momentum in the second half of 2022 and remain subdued in 2023 as multiple shocks weigh on the global economy. However, the WTO revised upward its merchandise trade growth forecast for 2022, to 3.5 per cent from its April estimate of 3 per cent. According to the fresh WTO forecasts, world GDP at market exchange rates will grow by 2.8 per cent in 2022 and 2.3 per cent in 2023 — the latter is 1 percentage point lower than what was previously projected. World Trade Organization               Headquarters: Geneva, Switzerland      Director-General: Ngozi Okonjo-Iweala Gross domestic product or GDP is a monetary measure of the market value of all the final goods and services produced in a specific time period. Merchandise trade-Goods which add or subtract from the stock of material resources of a country by entering (imports) or leaving (exports) its economic territory.