THE global supply chain faces further challenges in 2023, with weakening consumer demand, oversupply, an energy crisis and rising inflation all contributing, according to a study by ING. "Normality in global supply chains is still way off as we approach 2023," the bank said. However, supply chain pain is expected to ease next year, with less congestion and cheaper container rates. Softening demand has sent spot rates on the major trade lanes down, it said. "The current market moderation is expected to spill over into 2023. With recessionary scenarios running high, we do not expect world trade to exceed 2% next year and are pencilling in a subdued growth rate of 1.2% for global goods trade."
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