The World Trade Organisation (WTO) has lowered its predictions on global trade volumes, also warning against rising occurrences of protectionism.
The WTO has revised its forecast of trade volumes: developed economies will contract by 14 percent, up from 10 percent, and developing economies will contract by seven percent, more than double an earlier forecast of a three-percent shrinkage.
The body’s latest assessment also included a stern warning, observing an increase in protectionist measures: “In the past three months, there has been further slippage towards more trade restricting and distorting policies.”
Protectionism has also incxreased as a result of the A(H1N1) virus, also known as swine flu, which has introduced barriers relating to pork products from swine flu-affected countries despite the absence of a link between the human virus and pig-related products.
