The World Trade Organization released a forecast on the 5th that the world economy has suffered multiple shocks. Global trade is expected to lose its growth momentum in the second half of 2022, and the growth rate in 2023 will decline significantly. WTO economists cut the growth rate of global trade in goods to 1% in 2023, much lower than the 3.4% predicted in April; According to the new forecast, the global economy will grow by 2.3% in 2023, about 1 percentage point lower than the previous forecast. WTO economists predict that the volume of global trade in goods will grow by 3.5% in 2022, and the global economy will grow by 2.8% in 2022. The WTO said that in view of soaring energy prices, more widespread inflation and no sign of the end of the military conflict, the previous forecast for 2023 seemed "too optimistic". The WTO believes that with the slowdown of the growth of major global economies, import demand will decrease. The high energy prices caused by the crisis in Ukraine will squeeze European household expenditure and push up enterprise production costs; The tightening of monetary policy in the United States will impact its interest rate sensitive spending areas such as housing, automobile and fixed investment. At the same time, rising import prices of fuel, food and fertilizer may bring food security risks and debt problems to developing countries. WTO Director General Iveira said that policymakers face difficult choices and need to find the best balance between the policy objectives of tackling inflation, maintaining full employment and achieving the clean energy transition. She stressed that trade is an important tool to enhance the global supply of goods and services and reduce the cost of achieving net zero emissions. The 12th WTO Ministerial Conference in June this year proved that WTO members can cooperate and move forward hand in hand with sufficient political will. (Liu Xinshe)