WTO slashes growth forecast for global goods trade by more than 50%

A strained Chinese property market has deterred growth and trade. Photograph: Mark R Cristino/EPA

The World Trade Organization has halved its forecast for global trade growth this year in response to rising interest rates that have dented consumer spending power in the US, Europe and Asia.

The 164-member trade body slashed its estimate from April that predicted the global trade in goods would grow by 1.7% in 2023, saying it needed to be scaled back to 0.8%.