GENEVA, Switzerland — The World Trade Organization (WTO) raised its outlook for global goods trade this year slightly, but cautioned on Thursday that increasing geopolitical tensions and uncertainty over economy policy pose "substantial" risks to its forecast. The World Trade Organization on Thursday slightly raised its trade outlook this year but is proceeding with caution amid the problems the world is facing. AP PHOTOThe Geneva-based WTO projected that global goods trade will increase by 2.7 percent this year, compared with the 2.6 percent it forecast in April. Last year, the volume of world merchandise trade was down 1.1 percent, pushed lower by high inflation and rising interest rates. The global trade body cautioned that "rising geopolitical tensions and increased economic policy uncertainty continue to pose substantial downside risks to the forecast."

Source: Manila Times October 12, 2024 04:15 UTC