World Trade Organization Downgrades Global Trade Growth Forecast

(GENEVA, SWITZERLAND) Escalating trade tensions and a slowing global economy have led economists at the World Trade Organization (WTO) to sharply downgrade their forecasts for trade growth over the next two years. World merchandise trade volumes are now expected to rise by only 1.2 percent this year, substantially slower than the 2.6 percent growth forecast in April. Next year’s projected increase has been lowered from three percent to 2.7 percent. The economists caution that downside risks remain high and that the 2020 projection depends on a return to more normal trade relations.