The World Trade Organization has cut its trade growth forecast for 2013 because of risks from the eurozone crisis and from greater protectionism. The WTO says, global trade is now expected to grow by 3.3 percent this year, down from its earlier forecast of 4.5 percent. Next year, however, growth should rebound to about 5 percent, said WTO Director General Pascal Lamy. Countries might turn to protectionism as other attempts to boost growth have been found wanting, he said. The WTO also warned that the weakness in Europe's economies would continue to weigh on trade.
News On AIR | April 10, 2013 8:51 PM
WTO cuts trade growth forecast for 2013 due to risks from eurozone crisis & from greater protectionism