WTO cuts world trade growth forecasts from 4.7% to 3.1% for 2014

October 3, 2014

The World Trade Organisation said the trade in global goods trade will grow less than hoped this year and next as regional conflicts and the Ebola outbreak slow down economies.

A 3.1% year-on-year increase in trade in goods is expected in 2014, much less than the 4.7% the WTO forecast in April, said Reuters.

The WTO cited "weaker-than expected GDP growth and muted import demand in the first half".

Trade is expected to grow 4% in 2015 rather than the 5.3% previously forecast and down from the 20-year average of 5.2%.

WTO had expected stronger trade after a two-year slump, but it stagnated in early 2014 as import demand fell in EU and US - and Japanese had a big sales tax increase.

Trouble in the Ukraine, deep and widening Mideast conflicts and West Africa's Ebola outbreak darkened forecasts, the WTO said...

This has been excerpted from 3 October 2014 article by The Canadian Shipper.

Topic(s)

International Trade and Border Management

Information source

Canadian News Channel

International News Channel

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