International trade is slowing rapidly as the COVID recovery fizzles and globalization stalls, Fitch says
The ratings agency expects international trade to grow by 1.9% this year, down from the 5.5% growth rate seen in 2022, and sees world GDP rising by 2%, down from last year's 2.7%.
Factors for the trade slowdown include tighter monetary policy, declining fiscal support, and the resurgence of the services sector, which contributes less to trade than the goods sector does.
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