Clogged supply chains won't hold back trade.

World trade normalises and continues to grow despite challenges.

Going into 2022, we expect trade growth rates to return to their pre-pandemic levels in line with a continued but weakened global economic recovery. 2021 was an exceptional year driven by pandemic-related catch-up effects. For this year, we pencil in a growth rate in merchandise world trade of 4.1 percent, while we expect world GDP growth to come in at 4.4 percent. Despite ongoing supply chain frictions and average containerised...