It was predicted by the World Bank that trade growth would slow down in the next 10 years, along with the slowdown in global economic growth. Due to the lasting effects of the Kovid-19 outbreak, the Russia-Ukraine war, and rising interest rates, it is estimated that trade growth will slow by 0.4 percent compared to the previous 10 years until 2030.
It is predicted by World Bank Researchers that the trend towards re-orienting to ports or closer ports in supply chain management will have a reducing effect on trade in the long run. In the most recent report published by the World Bank, attention was drawn to the fact that the economic forces driving global growth have been declining since the early 1990s and that GDP growth is expected to decrease by 1/3 in these 10 years when compared to 2000-2010. It was warned that the growth would follow a slower course, especially in developing countries.
Indermit Gill, Chief Economist of the World Bank and Vice President of Development Economics pointed out that a lost 10 years could be experienced in terms of the global economy. It was stated that the decline in potential growth will have an impact on the ability to cope with several challenges unique to our time, such as persistent poverty, income differentiation, and climate change. Indermit Gill emphasized that the slowdown in growth will be reversed with a concerted effort. It was stated that by encouraging private investments, national economies, and international institutions could increase their economic growth rates from 2.2 percent to 2.9 percent.
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