The World Trade Organisation has admitted it has had difficulty predicted the growth of imports and exports because there is so much uncertainty in the world economy right now. It thinks world trade growth will slow to 4.5% this year from last year's 5.5% growth.
WTO chief economist Patrick Low said: "Obviously, the turmoil in the financial markets, has not as yet really fed through into the real economy to the extent that it might; and if it does so in a more thorough-going manner than has so far been the case, and has a more discernible effect on output and trade across various regions, then, yes, I think we're going to see some impact."
The trade organisation says rising prices for commodities like oil, metals and food have helped some developing countries by boosting imports there and that strong growth in those developing countries will help offset the effects of an economic slowdown in the United States and Europe.
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