WTO forecasts 9% fall in global trade

WTO forecasts 9% fall in global trade

Collapsing global demand will send the volume of world goods trade plunging by 9 per cent this year, the largest drop since the second world war, the World Trade Organisation predicted on Monday.

This compares with anaemic growth of 2 per cent in 2008, reflecting the sharp downturn in the global economy late in the year, and 6 per cent in 2007.

Pascal Lamy, WTO director-general, urged leaders of the Group of 20 countries who will meet in London next week not to raise trade barriers, saying this would hinder recovery efforts.

Courtsy Financial Times