WTO cuts 2015 global trade growth outlook
Expansion of 3.3% likely now, instead of earlier estimate of 4%; fragile world GDP, rising geopolitical tensions cited
Geneva
GLOBAL commerce is expected to grow just 3.3 per cent this year, the World Trade Organization (WTO) said on Tuesday, slashing its previous forecast of 4.0 per cent over weak global economic growth and rising geopolitical tensions.
The trade body also said preliminary estimates showed trade had expanded just 2.8 per cent last year, missing September's forecast of 3.1 per cent.
"Trade growth has been disappointing in recent years due largely to prolonged sluggish growth in GDP following the financial crisis," said WTO chief Roberto Azevedo. "Looking forward, we expect trade to continue its slow recovery but with …
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
G7 pledges swift aid for Ukraine, seeks to calm Middle East
H5N1 strain of bird flu found in milk: WHO
China moves to boost foreign investment in domestic tech companies
Xi orders China’s biggest military reorganisation since 2015
Warner Bros CEO earned US$49.7 million in strike-impacted year
Teheran signals no retaliation against Israel after drones attack Iran