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- WTO cuts forecasts for global trade growth in 2019
WTO cuts forecasts for global trade growth in 2019
- Said the world trade fell by 0.3 percent in the fourth quarter of 2018
- For the full year, reported a 3.0 percent increase, down from 4.6 percent in 2017
- Noted trade had been weighed down by new tariffs and retaliatory measures, weaker economic growth, volatility in financial markets and tighter monetary conditions in developed countries
- Cut its 2019 forecast for global trade volume to 2.6 percent from 3.7 percent, citing rising trade tensions the major factor for the outlook downgrade
- Forecast goods trade volumes to grow more strongly in developing economies this year, with 3.4 percent growth in exports compared with 2.1 percent in developed economies
- Added the forecast is highly uncertain; actual growth rate could be even higher or lower if trade tensions grow further or ease
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