{"id":12442,"date":"2016-09-27T11:03:36","date_gmt":"2016-09-27T11:03:36","guid":{"rendered":"http:\/\/www.biphoo.com\/bipnews\/?p=12442"},"modified":"2016-09-27T11:03:36","modified_gmt":"2016-09-27T11:03:36","slug":"wto-cuts-trade-forecast-by-a-third","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/wto-cuts-trade-forecast-by-a-third.html","title":{"rendered":"WTO cuts trade forecast by a third"},"content":{"rendered":"

WTO cuts trade forecast by a third<\/span><\/strong><\/span><\/h2>\n

WTO cuts trade forecast by a third<\/strong> : The World Trade Organization has cut its forecast for global trade growth this year by more than a third.<\/span>
\nThe new figure of 1.7%, down from its April estimate of 2.8%, would be the slowest pace of trade and output growth since the 2009 financial crisis.<\/span><\/p>\n

It is also the first time in 15 years that international commerce has been left trailing behind the world economy.<\/span><\/p>\n

The downturn reflects the slowdown in countries such as China and Brazil and lower levels of imports into the US.<\/span><\/p>\n

Trade has grown 1.5 times faster than gross domestic product over the long term – but the WTO say it will only grow 80% as fast this year.<\/span><\/p>\n

That would be the first reversal of globalisation since 2001 and only the second time this has happened since 1982.<\/span><\/p>\n

\"World
World Trade Organization Geneva<\/span><\/strong><\/span><\/figcaption><\/figure>\n

WTO director-general Roberto Azevedo said: “The dramatic slowing of trade growth is serious and should serve as a wake-up call.<\/span><\/p>\n

“It is particularly concerning in the context of growing anti-globalisation sentiment.<\/span><\/p>\n

“We need to make sure that this does not translate into misguided policies that could make the situation much worse – not only from the perspective of trade, but also for job creation and economic growth and development, which are so closely linked to an open trading system.”<\/span><\/p>\n

UK referendum<\/span><\/p>\n

The WTO’s biggest downward revision to imports from its April forecast came in South America (-4.5% to -8.3%), the US (4.1% to 1.9%) and Asia (3.2% to 1.6%), but it predicted European imports would rise to 3.7% from 3.2%.<\/span><\/p>\n

It added that the UK referendum result did not lead to an obvious downturn in economic activity, with its main impact being a drop in the value of the pound against the dollar and the euro.<\/span><\/p>\n

It forecasts that growth will slow down in the UK in 2017, but that the country will not fall into recession.<\/span><\/p>\n

Source<\/strong> : http:\/\/www.bbc.com\/news\/business-37482399<\/span><\/p>\n

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