Is an Improvement of Global Trade On the Horizon?

Is an Improvement of Global Trade On the Horizon?

In light of new information about various economies around the world, the global trade forecast of 2014 has been raised slightly to a growth of 4.7 percent. The World Trade Organization doesn’t expect growth to reach 5.3 percent, the historical trend of production, until the year 2015.

General Roberto Azevedo, the director of the WTO, expects, “if GDP forecasts hold true,” a modest upturn in the volume of trade for 2014 with a consolidation of the growth in 2015.

Recovery in the European Union has been slow, and the WTO will be monitoring progress in order to ascertain if the recovery will be disappointing compared to the overall growth of the global economy.

Prior to 2008, trade had been growing at twice the rate of gross domestic product. According to Azevedo, it is unclear whether or not this trading trend had permanently stopped.

Although the WTO does not forecast trade services, the dollar value of global services increased 6 percent in 2013–which is considerably higher than the 2 percent growth in 2012.

In light of new information about various economies around the world, the global trade forecast of 2014 has been raised slightly to a growth of 4.7 percent. The World Trade Organization doesn’t expect growth to reach 5.3 percent, the historical trend of production, until the year 2015.

General Roberto Azevedo, the director of the WTO, expects, “if GDP forecasts hold true,” a modest upturn in the volume of trade for 2014 with a consolidation of the growth in 2015.

Recovery in the European Union has been slow, and the WTO will be monitoring progress in order to ascertain if the recovery will be disappointing compared to the overall growth of the global economy.

Prior to 2008, trade had been growing at twice the rate of gross domestic product. According to Azevedo, it is unclear whether or not this trading trend had permanently stopped.

Although the WTO does not forecast trade services, the dollar value of global services increased 6 percent in 2013–which is considerably higher than the 2 percent growth in 2012.

Source: Reuters.com

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