WTO cuts global trade growth forecast to 1.7%
The World Trade Organisation (WTO) cut its forecast for global trade growth this year by more than a third on Tuesday, reflecting a slowdown in China and falling levels of imports into the US. The new figure of 1.7%, down from the WTO’s previous estimate of 2.8% in April, marked the first time in 15 years that international commerce was expected to lag the growth of the world economy, it said. The figures should be a wake-up call for governments, WTO directorgeneral Roberto Azevedo said in the six-monthly trade outlook report.