Helfen statt Blockieren

Economy, Situation report

Blockades and the world economy 2026

· Helfen statt Blockieren editorial team

A situation report in eight chapters: how the world economy is doing in autumn 2026, which blockades are in effect, what they do in the Americas, Europe, Russia, China, Asia, the Gulf, Africa and Cuba, what money, law and labour need, and which paths the major institutions consider possible. With data tables, charts and all sources, without a forecast of our own.

Summary

$35 tnworld trade in goods and services in 2025, a recordUNCTAD, 9 Oct 2026
+3.9%merchandise trade volume in 2026, forecastWTO, October 2026
72%of goods trade still takes place on WTO termsWTO Director-General, October 2026
296uncertainty index 2026, average 1990 to 2019 = 100World Uncertainty Index

1. The world economy in autumn 2026

In October 2026 the IMF expects the world economy to grow by 3.1 percent, after 3.5 percent in 2025, and by 3.4 percent in 2027. At market exchange rates the World Bank expects 2.5 percent (June), the OECD 2.9 percent (September). Advanced economies grow by 2.1 percent, emerging and developing economies by 3.7 percent. The Middle East suffers the sharpest slump: minus 0.3 percent for the region, minus 3.3 percent in Saudi Arabia, minus 7.6 percent in Iran. Global inflation rises to 4.7 percent because oil costs an average of 96 US dollars a barrel, 41 percent more than in 2025.

Growth in 2026 by region: the Gulf slumps

Real GDP, change on 2025 in percent, IMF projection of October 2026. World: +3.1 percent.

EconomyGrowth 2026
India (fiscal year)+7.0%
China+4.5%
Sub-Saharan Africa+4.5%
United States+2.3%
Brazil+2.2%
Germany+1.3%
Euro area+1.1%
Russia+0.9%
Middle East and Central Asia−0.3%
Saudi Arabia−3.3%
Iran−7.6%

Source: IMF DataMapper (NGDP_RPCH, WEO October 2026), accessed 3 Nov 2026.

Table 1: Real economic growth, percent (IMF, October 2026)
Economy or region2024202520262027
World3.53.53.13.4
Advanced economies2.02.02.11.8
Emerging and developing economies4.54.53.74.4
United States3.02.32.32.3
Euro area1.21.21.11.2
Germany0.00.21.31.1
China5.05.04.54.0
India (fiscal year)7.27.87.07.0
Russia4.91.00.90.9
Brazil3.42.32.21.9
Mexico1.50.51.51.8
Latin America and the Caribbeann/a2.52.32.5
Saudi Arabia2.64.6−3.37.9
Iran3.7−0.9−7.63.6
Middle East and Central Asia3.03.7−0.36.3
Sub-Saharan Africa4.24.54.54.5
Nigeria4.14.04.24.3
South Africa0.51.11.01.3

Source: IMF DataMapper (NGDP_RPCH, WEO October 2026) and WEO October 2026, table 1.1 (Latin America); 2026 and 2027 projections. File daten/ergebnis_iwf_wachstum.csv.

The World Bank and OECD figures are calculated at market exchange rates and are therefore lower than those of the IMF, which weights countries by purchasing power; the direction is the same.

2. Trade: volumes, values, shifts

According to UNCTAD, trade in goods and services reached a record 35 trillion US dollars in 2025. According to the WTO, merchandise trade volume grew by 4.2 percent in 2025; it expects 3.9 percent for 2026 and 4.1 percent for 2027, and 3.7 and 4.7 percent for goods and services combined (the IMF expects 4.6 and 4.7 percent). The upswing is narrow: goods for artificial intelligence accounted for 14.8 percent of merchandise trade and about 47 percent of its growth in the first half of 2026; ten economies supply about 85 percent of them. Overall integration has stalled: world trade was equivalent to 60.3 percent of world output in 2008 and 56.7 percent in 2024 (World Bank).

Table 2: Merchandise trade volume by region, change in percent (WTO forecast)
RegionExports 2026Exports 2027Imports 2026Imports 2027
North America+5.7+1.5+1.4+2.7
South America+3.4+3.4+4.6+4.7
Europe−0.1+1.8+0.5+1.4
CIS−3.9+5.3+8.8+2.2
Africa+5.6−0.7+8.9+5.3
Middle East−17.2+23.3−15.4+17.0
Asia+9.9+5.2+9.5+5.6
World, merchandise trade+3.9+4.1

Source: WTO, Global Trade Outlook and Statistics, update October 2026.

Shares of world merchandise exports, 2000 to 2025

Percent of the value of all world merchandise exports in US dollars. Exchange rates affect the shares.

YearChinaUnited StatesGermanyJapan
20003.812.18.57.4
20014.311.79.26.5
20025.010.69.46.4
20035.79.59.96.2
20046.48.89.86.1
20057.28.59.25.6
20067.98.49.15.3
20078.68.19.45.1
20088.87.98.94.8
20099.58.38.94.6
201010.38.38.25.0
201110.38.08.04.5
201211.08.37.54.3
201311.68.37.63.8
201412.38.57.83.6
201513.79.08.03.8
201613.09.08.34.0
201712.78.78.13.9
201812.78.57.93.8
201913.18.67.83.7
202014.68.07.83.6
202114.87.87.33.4
202214.28.26.73.0
202314.18.47.13.0
202414.58.46.82.9
202514.38.36.72.8

Source: World Bank, World Development Indicators, TX.VAL.MRCH.CD.WT (WTO data), as of 8 Oct 2026; shares: Helfen statt Blockieren, daten/ergebnis_wb_anteil_warenausfuhr.csv.

The weights are shifting: China’s share of world merchandise exports rose from 3.8 percent (2000) to 14.3 percent (2025), that of the US fell from 12.1 to 8.3 percent and Germany’s from 8.5 to 6.7 percent. According to UNCTAD, direct investment rose by 6 percent to 1.6 trillion US dollars in 2025, by 11 percent into developed and by 2 percent into developing economies, while it fell by 26 percent into Africa.

3. The tools of blockade

Blockades work through five channels: sanctions against states, firms and individuals; tariffs; export controls on technology and raw materials; restrictions on payments; and closures of sea routes. The table summarises the key figures. The time series are in Sanctions since 1950 and Economic bloc against economic bloc; this report does not repeat them but puts them in context.

Table 3: The tools of blockade in figures
ToolKey figureSource
Sanctions615 cases in force (2023), 121 new in 2023; US 46.5 percent of casesGSDB, Release 4
Trade barriers4,351 new harmful measures in 2025, 1,547 liberalisingGlobal Trade Alert, key figure
G20 import restrictionscover 22.0 percent of G20 imports (mid-October 2025)WTO, 32nd G20 report
US tariffsaverage effective rate about 12 percent (June 2026); IMF assumption 13.5 percent (April 2026)World Bank; IMF
Export controls on raw materialsroughly fivefold 2009 to 2024; 16 percent of trade affectedOECD
EU sanctions packages against Russia21 by July 2026; transaction bans on more than 100 banks; 673 vessels listedEuropean Commission
Withdrawal of correspondent banksminus 19.4 to minus 47.1 percent by region, 2011 to 2022BIS, CPMI
Sea routesStrait of Hormuz: about 20 million barrels a day before the war, of which 3.5 to 5.5 million divertedWTO
Uncertainty in the world economy, 1995 to 2026

World Uncertainty Index, global average of 143 countries, annual mean; average 1990 to 2019 = 100. 2026: first three quarters.

YearIndex
199565
199672
199767
199886
199975
200077
200191
200289
2003104
200487
200591
200689
200786
200884
200988
201096
2011112
2012143
2013143
2014126
2015149
2016176
2017154
2018126
2019169
2020173
2021138
2022150
2023132
2024112
2025294
2026 (three quarters)296

Source: Ahir, Bloom and Furceri, World Uncertainty Index, via FRED (WUIGLOBALSMPAVG), accessed 3 Nov 2026. Annual means and rescaling: Helfen statt Blockieren, daten/ergebnis_wui_jahr.csv.

Uncertainty hangs over all the tools. The World Uncertainty Index stood at 294 in 2025 and 296 in the first three quarters of 2026 (1990 to 2019 average = 100). The Federal Reserve’s trade policy uncertainty index stood at 538 in 2025 and 253 for 2026 up to October, after mostly 24 to 30 in 2010 to 2014.

4. Regions in detail

The Americas

US 2026: +2.3% · Latin America and the Caribbean: +2.3% · effective US tariff about 12%

The United States is both the largest imposer of sanctions (46.5 percent of all cases in 2023 according to the GSDB) and the country with the sharpest tariff increases since 2025. After the Supreme Court ruling of February 2026 against tariffs under the emergency powers law, the effective tariff rate fell from about 14 to about 12 percent, according to the World Bank. On 1 July 2026 the United States declined to extend the agreement with Canada and Mexico; it remains in force until 2036 but is reviewed annually. US imports from China fell by 29 percent in 2025 (WTO).

In Latin America and the Caribbean the economy grows by 2.3 percent in 2026 according to the IMF, Brazil by 2.2 and Mexico by 1.5 percent. Since 2011 the region has lost 47.1 percent of its correspondent banking relationships, the Caribbean 52.1 percent (BIS). The agreement between the EU and Mercosur has been provisionally applied since May 2026.

Europe

Euro area 2026: +1.1% · Germany: +1.3% · European export volume 2026: −0.1%

Europe’s merchandise exports stagnate in 2026 according to the WTO. The EU sanctions more than ever (21 packages against Russia) but hardly enforces its protection against third-country sanctions and has not completed its single market: barriers equivalent to a tariff of around 45 percent on goods and 110 percent on services (IMF). Germany, particularly open with trade at 79.1 percent of GDP, exported 9.4 percent less to the US and 9.7 percent less to China in 2025 (Destatis). Details: Where the EU falls short, and where it does not, What does Germany need?.

Russia

2026: +0.9% · oil and gas revenue January to October 2025: −21% · 58% of EU exports to Russia covered

Sanctions against no other large economy are as comprehensive. According to the European External Action Service, EU restrictions cover 58 percent of former exports and 61 percent of imports. State oil and gas revenues fell by 21 percent to 7.5 trillion roubles from January to October 2025, partly because of low oil prices and a strong rouble (finance ministry via The Moscow Times). According to the IMF, the economy grows by 0.9 percent in 2026. Trade partly runs through neighbours and third countries; the 21st package lists 27 firms in third countries, 14 in China (detours).

China

2026: +4.5% · share of world merchandise exports 2025: 14.3% · share of world GDP (purchasing power) 2026: 19.9%

China is the target of most export controls on frontier technology and at the same time the author of its own controls on raw materials such as rare earths (see the magazine chapter). Trade with the United States has shrunk by more than a fifth since 2024 (UNCTAD); China’s share of US imports fell from 13.8 to 9.3 percent in 2025 (WTO). Germany’s imports from China rose by 8.8 percent to 170.6 billion euros in 2025, while its exports there fell by 9.7 percent (Destatis).

Asia

India 2026: +7.0% · Asian export volume 2026: +9.9% · AI goods: 14.8% of merchandise trade

According to UNCTAD, Asia accounts for around 60 percent of global growth in 2026. The trade upswing depends on goods for artificial intelligence, which made up 14.8 percent of merchandise trade and about 47 percent of its growth in the first half of 2026 (WTO). The EU and India concluded negotiations on a trade agreement on 27 January 2026. More than half of the 465 million jobs that depend on trade, according to the ILO, are in Asia and the Pacific.

The Gulf and the Middle East

Middle East and Central Asia 2026: −0.3% · Saudi Arabia: −3.3% · Iran: −7.6% · Middle East export volume: −17.2%

The war with Iran and the closure of the Strait of Hormuz are the biggest blockade of the year. Before the war, according to the WTO, about 20 million barrels of oil a day passed through the strait; 3.5 to 5.5 million could be rerouted. In the first half of 2026 the region’s crude oil exports fell by about 24 percent and its LNG exports by about 47 percent. Brent peaked at 138 US dollars on 8 April 2026, against about 70 before the war; after an agreement in June the price fell to about 75 and has since returned to about 100 US dollars. The IMF cut its forecast for the region by 2.2 percentage points compared with April. The blockade of Qatar by its neighbours from 2017 to 2021 shows that there are blockades within the region too (magazine chapter).

Africa

Sub-Saharan Africa 2026: +4.5% · direct investment 2025: −26% · remittance costs: 8.16%

According to the IMF, the economy south of the Sahara grows by 4.5 percent in 2026, according to the World Bank by 4.0 percent. Direct investment into Africa fell by 26 percent to 70 billion US dollars in 2025, after an exceptional year (UNCTAD). Remittances to Sub-Saharan Africa are the most expensive in the world at a fee of 8.16 percent (World Bank, fourth quarter of 2024), and the region has lost 34.2 percent of its correspondent banking relationships since 2011 (BIS). According to the World Bank, one third of low-income economies will be poorer at the end of 2026 than in 2019.

Cuba

UN vote 28 Oct 2026: 130 in favour, 17 against, 25 abstentions · EU exports to Cuba 2025 vs 2015: −44.3% · 1,351 political prisoners

Cuba is the focus of this week and one of the oldest cases still in force. The US embargo has existed since the early 1960s; in 2026 additional tariffs against countries supplying Cuba with oil were added (Executive Order 14380). EU exports to Cuba fell from 2,139.6 million euros (2015) to 1,191.4 million euros (2025), minus 44.3 percent (Eurostat, own analysis); the data show the decline, not its cause. Equally part of the picture is the failure of the Cuban leadership: a currency reform in 2021 with severe inflation, tight limits on private initiative and political imprisonment. Amnesty International called the releases of 2025 selective; Prisoners Defenders counted 1,351 political prisoners in September 2026. On 28 October 2026 the UN General Assembly called for an end to the embargo with 130 votes in favour, 17 against and 25 abstentions (Putting the UN vote in context, Cuba 2026 as a case).

5. Money, law, labour

Trade needs finance, payment routes and courts. For all three, the data show bottlenecks that hit poorer and smaller countries harder. In detail: What does business need?.

Table 4: Money, law, labour
AreaKey figureSource
Trade finance gap2.5 trillion US dollars (2025); 41 percent of applications by small and medium firms rejectedADB
Correspondent banksdecline 2011 to 2022 in every region; US dollar 50.9 percent of payment valueBIS, CPMI
Cost of sending 200 US dollars6.26 percent worldwide, 8.16 percent to Sub-Saharan Africa (Q4 2024); target below 3 percentWorld Bank
G20 targets for cross-border payments“unlikely” to be met worldwide by 2027FSB, October 2025
WTO dispute settlementAppellate Body without members since December 2019; interim arrangement with 59 of 166 members (April 2026)Wikipedia (secondary source)
Jobs depending on trade465 million worldwide, more than half in Asia and the PacificILO
Uncertainty as a barrier to investment83 percent of EU firmsEIB, 2025
Fewer banks passing payments on

Number of active correspondent banking relationships, change 2011 to 2022 in percent, by region of the bank. Basis: payment messages via SWIFT.

RegionChange
Americas excl. North America−47.1%
Oceania−37.8%
Europe excl. Eastern Europe−34.2%
Africa−34.2%
Eastern Europe−34.0%
Asia−29.9%
Northern America−19.4%

Source: BIS, Committee on Payments and Market Infrastructures (CPMI), correspondent banking data, chartpack May 2023, table 2 (MT 103 and MT 202 excl. MT 202COV).

6. Where things could go

For the long run there are only ranges. The IMF estimates the cost of a split into blocs at 0.2 to 7 percent of world output, 8 to 12 percent in some countries with technological decoupling; with two blocs by 2050, the WTO expects 13 percent less world trade and losses of 6.5 percent of GDP for developing and about 3 percent for developed economies; the ECB arrives at up to 9 percent in the extreme case. In the short run, in April 2026 the IMF considered world growth of around 2 percent possible in a severe oil shock; according to the October forecast it is 3.1 percent. In detail: Where are we heading?.

What a fragmenting world economy could cost: eight estimates

Loss compared with a world without fragmentation. The studies measure different things (world output, income of individual countries, national expenditure) at different horizons; they cannot be added up. Axis: percent.

024681012Split into blocs, world, long run0.2 to 7% of world GDPIMF 2023plus technological decoupling, some countries8 to 12% of GDPIMF 2023Fragmented direct investment, worldabout 2% of world GDPIMF 2023two blocs by 2050, developed and developing3 and 6.5% of GDPWTO 2023partial rivalry, world, by 20502.8% of GDPWTO 2023extreme case: barriers between blocs, worldup to 9% of world GDPECB 2024hard decoupling from China, Germany, permanent1 to 2% of national expenditureKiel 2024same, Germany, first months4 to 5%Kiel 2024024681012Split into blocs, world, long run0.2 to 7% of world GDPIMF 2023plus technological decoupling, some countries8 to 12% of GDPIMF 2023Fragmented direct investment, worldabout 2% of world GDPIMF 2023two blocs by 2050, developed and developing3 and 6.5% of GDPWTO 2023partial rivalry, world, by 20502.8% of GDPWTO 2023extreme case: barriers between blocs, worldup to 9% of world GDPECB 2024hard decoupling from China, Germany, permanent1 to 2% of national expenditureKiel 2024same, Germany, first months4 to 5%Kiel 2024
Values as table
EstimateSourceRange
Split into blocs, world, long runIMF 20230.2 to 7% of world GDP
plus technological decoupling, some countriesIMF 20238 to 12% of GDP
Fragmented direct investment, worldIMF 2023about 2% of world GDP
two blocs by 2050, developed and developingWTO 20233 and 6.5% of GDP
partial rivalry, world, by 2050WTO 20232.8% of GDP
extreme case: barriers between blocs, worldECB 2024up to 9% of world GDP
hard decoupling from China, Germany, permanentKiel 20241 to 2% of national expenditure
same, Germany, first monthsKiel 20244 to 5%

Sources: IMF SDN/2023/001; IMF blog on WEO April 2023, chapter 4; WTO, World Trade Report 2023, figure D.4; ECB Occasional Paper 365; Kiel Policy Brief 170. Compiled by Helfen statt Blockieren, daten/werte_berichte.csv.

The world is becoming multipolar: shares of the world economy

Share of world gross domestic product at purchasing power parity, percent; 2030 IMF projection.

YearChinaUnited StatesEUIndia
19903.621.725.03.4
20006.720.421.63.9
201012.817.117.65.3
202018.415.315.26.8
202519.614.614.08.2
2030 (projection)20.313.912.99.9

Source: IMF DataMapper, series PPPSH (WEO October 2026), accessed 3 Nov 2026; daten/ergebnis_iwf_anteil_kkp.csv.

7. Gaps, method, limits

This report relies only on published data and reports from independent and well-known bodies: the IMF, World Bank, WTO, UNCTAD, OECD, BIS, ILO, ECB, European Investment Bank, Asian Development Bank, Financial Stability Board, Destatis, Eurostat, the institutes of the German joint forecast, the Kiel Institute, the Global Sanctions Data Base and Global Trade Alert (key figures only, licence CC BY-NC 4.0). Where the primary page could not be retrieved, the secondary source is named and marked. Our own calculations (shares, annual means, index) are provided as a script and table. The report contains no forecast of its own.

Check the numbers: daten/abruf.py downloads the IMF, World Bank and uncertainty series; the extracts are in daten/ergebnis_*.csv, values taken from reports in daten/werte_berichte.csv.

This analysis is information, not legal, tax or investment advice. It reflects the view of the editorial team, presents arguments from both sides and makes no forecast of its own. “Helfen statt Blockieren” is non-partisan.

Sources

All online sources accessed on 3 November 2026. Secondary sources are marked; the figures there come from the publisher named.