WTO sees gain in world trade to remain sluggish
Print Edition
GROWTH in the volume of world trade is expected to remain sluggish in 2016 at 2.8 percent, flat from 2015, the World Trade Organization said yesterday.
“Trade is still registering positive growth, albeit at a disappointing rate,” said WTO Director-General Roberto Azevedo during a press conference.
This would be the fifth consecutive year of trade growth below 3 percent, he said. While the volume of global trade is growing, its value has fallen because of shifting exchange rates and falls in commodity prices, he added.
Global merchandise trade in 2015 contrasted with the sharp decline in the dollar value of trade, falling 13 percent to US$16.5 trillion.
However, Azevedo appealed to WTO members to take steps, such as rolling back restrictive measures and implementing the WTO Trade Facilitation Agreement, to boost global economic growth.
“This agreement will dramatically cut trade costs around the world, thereby potentially boosting trade by up to US$1 trillion a year,” Azevedo added.
The WTO also predicted that global trade growth would rise to 3.6 percent in 2017 due to higher imports in Asia.
But it warned that risks, including further slowing in emerging economies and financial volatility, could tilt the forecast to the downside.
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