WTO Sharply Cut Global Trade Growth Forecast This Year
The World Trade Organization (WTO) released the latest global trade data and Outlook report 2, reducing the forecast of Global trade growth from the previous 3.7% to 2.6% this year.
WTO said that global trade growth in 2018 was 3%, much lower than expected, due to factors such as trade frictions escalation and economic uncertainty.
Azevedo, director general of WTO, said that under the current trade situation, no one should be surprised by the expected reduction. He said that the global economy is facing many challenges. It is an increasingly urgent task to solve the current trade disputes and ensure the positive trend of future trade growth.
WTO also forecasts that trade in developing economies is expected to maintain strong growth this year, with exports and imports expected to grow by 3.4% and 3.6% respectively, while exports and imports of developed economies are expected to grow at 2.1% and 1.9% respectively.
WTO also said global trade growth in 2020 is expected to rise to 3% in the future if trade frictions in the future are eased.
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