The International Monetary Fund’s (IMF’S) latest World Economic Outlook finds that overall weakness in global economic activity, in particular investment, has been the primary restraint on trade growth, accounting for up to three-fourths of the slowdown. Other factors, it says, include the waning pace of trade liberalization, an increase in protectionism and a decline in the growth of global value chains. The report says that a prolonged period of slowdown in global trade will call into question the strategy of export-led growth that many developing countries have followed.
Chart 1 shows the sharp decline in both price and volume of the imports of goods and services across all countries.
Chart 2 shows how the real import growth of all categories of products has declined in the 2012-15 period compared to the 2003-07 period.
Chart 1 shows the sharp decline in both price and volume of the imports of goods and services across all countries.
Chart 2 shows how the real import growth of all categories of products has declined in the 2012-15 period compared to the 2003-07 period.
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