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10/1/2019, 12:34 PM (Source: TeleTrader)
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WTO cuts trade forecast due to escalating tensions

The World Trade Organization (WTO) said on Tuesday it cut its trade growth forecast for 2019 and 2020 as a result of escalating trade tensions.

The WTO noted in a statement that it sees world merchandise trade volumes to increase by 1.2% this year, marking a downward revision from April when trade growth was expected at 2.6%. Furthermore, the trade growth forecast for next year was lowered from 3% to 2.7%.

"The darkening outlook for trade is discouraging but not unexpected. Beyond their direct effects, trade conflicts heighten uncertainty, which is leading some businesses to delay the productivity-enhancing investments that are essential to raising living standards," WTO Director-General Roberto Azevedo (pictured) stated.

Breaking the News / NP