WTO: Energy Crisis Will Cause A Slowdown In Global Trade Growth

Global trade growth is losing momentum and will stay muted next year amid multiple shocks to major economies, the World Trade Organization (WTO) said on Wednesday, in yet another sign that recessions could be looming and weighing on oil demand.   World merchandise trade volumes are expected to grow by 3.5% this year, which would be slightly better than the 3.0% forecast in April, the WTO said in a new forecast today. But next year, WTO economists expect global trade volumes to rise by just 1.0%, which is sharply down from the previous WTO…