In line with a prior post underlining that 2022 represented the lowest growth of global container throughput in 40 years, 2022 also represented a threshold where the TEU-to-GDP multiplier almost reached zero for the first time (at 0.13). In the 2000s, this multiplier was around 3.5. Even if on an annual basis there is noticeable volatility, there is a clear downward trend.