It is slower than the 3.3% average recorded during the past three decades
UNCTAD projects global maritime trade will lose steam, with growth slowing to 1.4% in 2022. For the period 2023–2027, it is expected to grow at 2.1% annually – slower than the 3.3% average recorded during the past three decades. The slowdown is explained by a number of factors.
10% of the global export of food, energy and fertilizers was halted due to the Ukrainean crisis while the previous zero-COVID policy in China affected manufacturing. Globally, inflation and living costs are rising and could dampen consumer spending. Although the Black Sea grain initiative can help cope with the food problems, global maritime trade is expected to grow at 2.1% annually.
Due to such outlook, ship owners are concerned about their commercial stability. Therefore they are not eager to invest in new, more environmentally friendly ships.
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