World trade shrank by 0.3 percent in the fourth quarter of 2018 and is likely to...
GENEVA - World trade shrank by 0.3 percent in the fourth quarter of 2018 and is likely to grow by 2.6 percent this year, slower than 3.0 percent growth in 2018 and below a previous forecast of 3.7 percent, the World Trade Organization said on Tuesday.
WTO Director-General Roberto Azevedo told a news conference that the lower forecast was no surprise, given the trade tensions between the United States and China. “I think it’s pretty clear that any automobile tariff would likely have bigger knock-on effects through the global economy than what we see from the U.S.-China conflict.”
“If we end up in the fall with a revision, my guess is the likelihood of a revision is that it’s downward, based on any number of factors from Brexit to no resolution in the U.S.-China trade conflict, and other trade conflicts going on.”
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