GENEVA, April 10 (Xinhua) -- The World Trade Organisation (WTO) on Wednesday cut its forecast for global trade growth in 2013 to 3.3 percent, from the previous prediction of 4.5 percent.
World trade growth fell to 2 percent in 2012, down from 5.2 percent in 2011, and is expected to remain sluggish in 2013 at around 3.3 percent due to the economic slowdown in Europe which continues to suppress global import demand, the WTO said in a report.
The 2013 forecast, based on an assumed 2.1-percent growth in world GDP at market exchange rates, though seeing a small pickup from 2012, is below the 20-year average of 5.3 percent and well below the pre-crisis trend of 6 percent (1990-2008), said the report.
Economists figured out that significant downside risks remain centered on the euro crisis and the pace of fiscal contraction in developed countries.
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