Growth of 1.7 percent downgraded from 2.8 in April Wednesday, September 28, 2016 WTO slashes 2016 trade forecast to lowest rate since 2009By APGENEVA —The World Trade Organization dramatically slashed its forecast for trade growth this year by about a third to its lowest rate since 2009, when the global economy was mired in recession in the wake of the financial crisis. The Geneva-based WTO, perhaps best known for dealing with trade disputes, predicted that global trade will rise only 1.7 percent this year, way down from its April prediction for 2.8 percent. It said the downgrade was largely due to an unexpectedly sharp drop in merchandise trade volumes in the first quarter. “The dramatic slowing of trade growth is serious and should serve as a wake-up call,” WTO director-general Robert Azevedo said. As well as reducing its 2016 forecast, the WTO cut its project for next year to between 1.8 percent and 3.1 percent from 3.6 percent.

Source: Bueno Aires Herald September 27, 2016 16:07 UTC