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World trade growth to fall to 2.6% this year (the WTO) amid trade tensions

Friday, 05 April 2019 16:08
World trade growth to fall to 2.6% this year (the WTO) amid trade tensions

(Ecofin Agency) - In 2019, world trade growth should be on a downward trend, the World Trade Organization (WTO) indicated in a press release published this week.

According to the institution, the growth should be around 2.6% while in 2018, it was 3%. This is in part due to trade tensions around the world and to decreasing demands.

According to the figures, North America recorded a 5% rise in imports in 2018 while Africa, the Middle-East and the community of independent states recorded a 2.7% rise in their exports.

Nevertheless, this was not enough to boost the world trade’s growth that fell from 4.6% in 2017 to 3% in 2018.

The current trade forecast reflects downgraded GDP projections for North America, Europe and Asia, mostly due to macroeconomic considerations including the diminishing effect of expansionary fiscal policy in the United States, the phase -out of monetary stimulus in the euro area and the ongoing economic rebalancing of the Chinese economy away from manufacturing and investment and toward services and consumption,” the World Trade Organization wrote.

It expects trade to rebound in 2020 to reach 3%. Developed countries should record the best performances with 3.7% and 3.9% rise in exports and imports respectively. Developing countries exports’ growth should be 2.5% and 1.9% on imports.

Moutiou Adjibi Nourou

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