‘Dramatic slowing’ seen in global trade

GENEVA – The World Trade Organization is decrying a “dramatic slowing of trade growth” as it revises downward its projections, saying trade is now on track this year to grow at the slowest pace since 2009.

Director-General Roberto Azevedo says the “serious” slowdown “should serve as a wake-up call” amid growing anti-globalization sentiment.

The WTO predicted Tuesday that global trade will rise 1.7 per cent this year, down from its April prediction for 2.8 per cent. Trade in 2017 is now expected to rise between 1.8 per cent and 3.1 per cent, down from 3.6 per cent anticipated previously.

The Geneva-based trade body cited slowing economic and trade growth in developing countries like China and Brazil as well as a deceleration in North America after strong import growth in the last two years.