WTO cuts 2016 global trade forecast to 2.8%
The World Trade Organization (WTO) has revised its 2016 global trade updated forecast for 2016 downward by more than one percentage point to 2.8% from 3.9%.
The main reasons for cutting the forecast rate is slowdown in China and broad market volatility that continues to threaten growth.
- WTO has mentioned that various factors were continuing to apply downward pressure on global trade and commerce.
- Declining commodities prices has shown few signs of reversing and also the slowdown in Chin, the world’s top commodities consumer remains uncertain.
- Slowing in China (and) worsening financial market volatility may be the key factors that could further suppress global trade in 2016.