WTO cuts trade growth forecast to 3.9% for 2018
Trade body predicts a further slowing of growth in volume terms to 3.7% in 2019.
GENEVA — The World Trade Organization has lowered its global trade growth forecast for this year by one-half percentage point to a still-robust 3.9%, saying increased trade tensions between large economies and heightened uncertainty contributed to the downgrade.
For next year, the Geneva-based trade body predicts a further slowing of growth in volume terms, to 3.7%.
WTO Director General Roberto Azevedo said: “While trade growth remains strong, this downgrade reflects the heightened tensions that we are seeing between major trading partners.”
The WTO cited new trade measures targeting exports from “large economies,” a clear allusion to US tensions with some key trading partners.