March 2022 Global trade: Battling out of demand and price shocks
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The invasion of Ukraine and renewed Covid-19 outbreaks in China are hitting global trade with a double whammy in 2022: lower volumes and higher prices. We now expect trade to grow by +4.0% in volume terms in 2022 (-2pp lower than expected before the war), and as much as +10.9% in value terms (vs. +7.2% previously expected). Already existing before the war, the risk of a double-dip in global trade volume in H1 2022 has increased.
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Introduction
