• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Thursday, June 5, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

World Bank warns of economic slump if SSA doesn’t cut trade costs

Trade

The Matters Press by The Matters Press
April 5, 2023
Reading Time: 2 mins read
0
World Bank warns of economic slump if SSA doesn’t cut trade costs

Sub-Saharan Africa (SSA) will need to cut trade costs by at least half to reinvigorate global trade which has been in decline since mid-last year, the World Bank has warned.

RELATED POSTS

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

FCT ground rent!: Check your name if you own property

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

The lender said world economy growth rate is set to slump to a three-decade low if nothing is done urgently to boost productivity, labour supply, ramp up investment and trade, and harness the services sector.

In a report assessing the long-term implications of the Covid-19 pandemic and Russian invasion of Ukraine on the global economic growth rate, the World Bank said cutting trade costs in regions where they are highest could boost international trade and bolster the globe’s economic growth.

And according to the report, SSA has the highest trade costs globally with the total costs including shipping, logistics, and regulation charges, amounting to about 130 percent of actual tariffs levied on traded commodities.

Specifically, SSA has the highest trade costs for agricultural products which cost as much as 250 percent of actual tariff rates to trade.

But besides the high trade costs, the region also has some of the highest tariffs on all goods compared to the rest of the globe. According to the report, tariffs in emerging and developing economies including SSA averaged eight percent, while that of advanced economies was less than two percent.

Countries in the region also participate in less regional trade agreements (RTAs) compared with nations in advanced economies. On average, African countries are in about 25 RTAs while developed economies are in about 90 such agreements with other countries, bolstering their cross-border trade.

Other factors hampering trade with SSA according to the report are high levels of trade uncertainty, poor logistics and a low Liner Shipping Connectivity Index, which measures how good a country’s transport networks are for international trade.

These issues have compounded on Africa’s trade with the rest of the globe slowing down economic growth, amidst an overall slump in international trade occasioned by the shocks last year.

Data by the United Nations Conference on Trade and Development (UNCTAD), shows that global trade rose to $32 trillion last year, but took a downward trajectory since last June and is projected to remain subdued for the rest of 2023.

In their latest Global Trade Update released last week, UNCTAD said Russia’s war with Ukraine will continue to negatively impact global trade in 2023.

Additionally, inflation, rising interest rates, and debt sustainability concerns will slowdown global business activity World Bank warns that should the downward trend in trade persist, the average global economic growth rate will slump by a third to 2.2 percent in the decade to 2030, from the 6.6 percent recorded in the first decade of this century.

Indermit Gill, World Bank’s chief economist said a lost decade could be in the making and urgent action is needed to avert the looming slump. Published by The EastAfrican

Tags: Trade
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Energy

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

June 4, 2025
Property owners besiege FCT office to pay ground rent
Economy/Technology

FCT ground rent!: Check your name if you own property

June 3, 2025
News

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

June 3, 2025
Economic implications of Niger coup to Nigeria, ECOWAS
Economy/Technology

IMPI urges media to consider national interest in reporting security challenges

June 3, 2025
Tinubu steering Nigeria away from Venezuela-like tragedy – IMPI
News

Malami’s opposition to Tinubu’s endorsement self-indicting – TDF

June 3, 2025
President Tinubu outlines new economic, monetary, foreign policies
Economy/Technology

CUPP goofs over President Tinubu’s 2027 endorsement by governors

June 2, 2025
Next Post
AfDB: Ketraco delaying completion of Kenya-Tanzania line

AfDB: Ketraco delaying completion of Kenya-Tanzania line

New Year: Buhari to re-organise military, police to tackle crimes, insurgency

Buhari inaugurates council for digital innovation

Recommended Stories

30th anniversary of Free zone holds, discusses challenges

30th anniversary of Free zone holds, discusses challenges

November 30, 2022
Nigeria, WFP worry over food situation

South Sudan gets $8.1m food fund

July 17, 2022
Rwandan bank seeks diversity, floats its first $24m sustainability bond

Rwandan bank seeks diversity, floats its first $24m sustainability bond

October 2, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF
  • FCT ground rent!: Check your name if you own property
  • Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us