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Trade volumes drop, protectionism a concern for global economy: WTO

Trade volumes drop, protectionism a concern for global economy: WTO article image

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.

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