The global goods trade will shrink next year in a downturn reminiscent of previous recessions, Oxford Economics said, in a worrying forecast for Asia’s export-dependent economies and beyond.
Goods trade will decline 0.2% next year, with contractions likely starting from the final months of this year, lead economist Adam Slater wrote in a report. That’s a substantial revision down from June, when Oxford forecast that the global goods trade would grow by 3.4% in 2023.
