World trade is expected to grow by 2.5 percent this year and 4.5 percent in 2014, the World Trade Organisation’s new chief, Roberto Azevedo, said on Monday, revising down previous estimates of 3.3 percent and 5 percent.
In his press conference since taking the helm on Sept 1, Azevedo said the figures would be detailed in a report due out on Sept 19. He said the forecasts had been cut because the European economy had not recovered in the second quarter of this year as expected, but gave no further details.
The original forecasts were presented in April by Azevedo’s predecessor Pascal Lamy, who warned that the threat of protectionism may be greater than at any time since the start of the economic crisis, since failing growth policies might spur countries to erect barriers to imports instead.
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