WTO Downgrades Trade Growth Forecast For 2012-13

Law360, New York (September 21, 2012, 2:35 PM EDT) -- The World Trade Organization significantly downgraded its two-year forecast for global trade expansion Friday, citing the ongoing European sovereign debt crisis, a less-than-robust American economic recovery and a continuing drop in Chinese exports.

The world body lowered its projected growth for 2012 from 3.7 percent to 2.5 percent, and scaled back its 2013 estimate from 5.6 percent to 4.5 percent. Total trade expansion is measured by averaging the global growth in import and export activity.

In announcing the new forecast, WTO Director-General Pascal Lamy praised recent...
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