Related News
WTO cuts global trade forecast for 2018, 2019
Print Edition
THE World Trade Organization has downgraded its global trade forecast for this year and next, pointing to escalating trade tensions around the world.
“Escalating trade tensions and tighter credit market conditions in important markets will slow trade growth for the rest of this year and in 2019,” the WTO warned in a statement yesterday. “Trade will continue to expand but at a more moderate pace than previously forecast.”
It now expects merchandise trade volumes to expand 3.9 percent this year and 3.7 percent in 2019, down from an April forecast of 4.4 percent and 4 percent growth, respectively.
It warned that it may have to cut its forecasts again because downside risks to its predictions “are considerable and heavily weighted to the downside.”
The WTO’s downgrade comes only days after US President Donald Trump’s tariffs on another US$200 billion of Chinese imports took effect, with Beijing accusing Washington of “economic intimidation.” The latest volley against Beijing brings the amount of goods hit by duties to more than US$250 billion, roughly half of China’s exports to the United States.
“While trade growth remains strong, this downgrade reflects the heightened tensions that we are seeing between major trading partners,” WTO Director-General Roberto Azevedo said.
“More than ever, it is critical for governments to work through their differences and show restraint,” he said.
The WTO said trade measures and threats since its last report in April were only having a “modest” economic effect for now, “but the uncertainty they generate may already be having an impact through reduced investment spending.”
But the WTO didn’t blame trade spats alone for the downturn in international exchanges, saying tightening monetary conditions in developed countries were also hurting trade, as currency values in poorer countries dropped, making it harder for them to pay for imports.
Analysts have cited rising US interest rates as a main factor in a recent meltdown of a string of emerging countries’ currencies.
“Developing and emerging economies could experience capital outflows and financial contagion as developed countries raise interest rates, with negative consequences for trade,” the WTO said.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
