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WTO cuts global trade growth forecast

by ChemOrbis Editorial Team -
  • 28/09/2016 (15:09)
According to media reports, the World Trade Organization (WTO) cut its forecasts for global trade growth to 1.7%. This fall reflects the slowing Chinese economy and decreasing import levels into the US.

The 1.7% figure is down significantly from the WTO’s reported forecast of 2.8% in April. It is also the first time in 15 years that trade growth would fall behind world economic growth.

In its outlook report, WTO Director-General Roberto Azevedo underlined that these figures should be a “wake-up call” for governments. Data supports concerns that governments are taking protectionist attitudes by protecting their own industries rather than promoting global trade.

Meanwhile, the WTO also reduced its 2017 forecast to a slower growth rate of 1.8-3.1%; down from the previously announced 3.6% in April.
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