World trade expected to grow in 2014

World Trade Organization expects modest trade growth in 2014

World Trade Organization expects modest trade growth in 2014

GENEVA - World trade is expected to grow by a modest 4.7 percent in 2014, World Trade Organization (WTO) Director-General Roberto Azevedo said Monday.

A press release from the organization said that "Although the 2014 forecast of 4.7 percent is more than double the 2.1 percent increase of last year, it remains below the 20-year average of 5.3 percent. For the past two years, growth has averaged only 2.2 percent."

A combination of flat import demand from developed countries, moderate import growth in developing economies and only small increases in exports from both was responsible for the "sluggish" trade growth in 2013, the statement continued.

Azevedo commented saying “It's clear that trade is going to improve as the world economy improves. But I know that just waiting for an automatic increase in trade will not be enough for WTO members.”

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