The World Trade Organization reported on Monday that the global merchandise trend fell by 0.8% in the third quarter and that the emergence of the Omicron coronavirus variant increased the risk of missing the projected 2021 growth rate.

The WTO said in a statement on its website that trade volume fell between July and September due to supply chain disruptions, shortages of production inputs, and an increase in COVID-19 cases.

It said that while a 2021 growth target could theoretically still be met, the emergence of Omicron has "tipped the balance of risks towards the downside, increasing the chance of a more negative outcome."

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