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Going through the weakest expansion of trade in goods and services compared to any global recovery process in the last five decades. While global trade volumes exceed 2019 levels, trade in goods declined in 2023 compared to 2022.
During the decades of accelerated global integration, international trade proved to be an important driver of prosperity. In developing countries that embraced globalization, it drove per capita income growth and poverty reduction.
However, rising geopolitical tensions, concerns about economic security and the resilience of supply chains have led some countries to reduce risks by modifying their supply chains.
In addition, trade barriers and subsidies have multiplied to address the distributional impacts of trade within countries and support the global green transition.
Translated by: A.M