Tuesday, October 1, 2019 1:58 pm
World trade will grow by 1.2 per cent this year and by 2.7 per cent in 2020, the World Trade Organisation (WTO) said on Tuesday, revising an earlier forecast as trade conflicts between the U.S. and China weigh on global trade.
“Trade conflicts pose the biggest downside risk to the forecast but macroeconomic shocks and financial volatility are also potential triggers for a steeper downturn,’’ the WTO said in a statement.
The organisation had previously lowered its forecast for trade growth to 2.6 per cent for this year and to 3.0 per cent in 2020.
Britain’s exit from the EU is also weighing on the global economy, the WTO said, adding that a withdrawal without an agreement could have a significant impact
It, however, said that this would be mostly confined to Europe. (Reuters/NAN)