The outlook for the global economy has slightly improved since the WTO’s most recent trade forecast was issued in October of last year but the pace of trade expansion in 2023 is still expected to be subpar, weighed down by the ongoing conflict in Ukraine, stubbornly high inflation, tighter monetary policy and financial uncertainty.

Companies have only partly addressed the weaknesses in global supply chains exposed by the coronavirus pandemic. In the face of new challenges, finishing the job is even more urgent.