WTO cuts global trade growth forecast
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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