WTO Global Trade Growth Forecast for 2013 Lowered to 3.3 PercentGiles Broom
The World Trade Organization cut its forecast for global trade growth again as the economic slowdown in Europe suppresses demand.
Global trade probably will increase by 3.3 percent in 2013 instead of the 4.5 percent expected in September, the Geneva-based body said today in a statement on its website. The WTO previously forecast 5.6 percent growth.
International trade rose 2 percent in 2012, down from 5.2 percent in 2011, amid slow economic growth in developed economies and recurring uncertainty over the future of the euro, the WTO said.
“The events of 2012 should serve as a reminder that the structural flaws in economies that were revealed by the economic crisis have not been fully addressed, despite important progress in some areas,” Director General Pascal Lamy said in the statement. “Repairing these fissures needs to be the priority for 2013.”