The World Trade Organization announced that the global merchandise trend dropped slightly by 0.8% in Q3, further noting that Omicron increased risks of missing its growth outlook.
- The trade volume slid between July and September due to the supply chain constraints, shortages of production inputs, and surging COVID-19 cases.
- In a statement posted on its website, the WTO stated that its 2021 growth target could be achieved theoretically.
Meanwhile, the emergence of the Omicron variant has shifted the balance of risks towards the downside, raising the possibility of a more negative result.
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