WTO cuts global trade growth forecast
Geneva, September 21, 2012
World trade will grow by a mere 2.5 percent this year, dragged down by Europe to less than half of the previous 20-year average, the World Trade Organization said on Friday.
The estimate was a revision of the WTO's previous 2012 growth forecast of 3.7 percent, which it made in April. It also forecast trade would expand by 4.5 percent in 2013, revised down from 5.6 percent.
"I see the risk more on the downside than the upside," WTO Director General Pascal Lamy said at a press conference in Singapore. - Reuters