SUBSCRIBE TO OUR FREE NEWSLETTER
PUBLISHED |

World trade to drop 9 percent, crisis to continue

World trade to drop 9 percent, crisis to continue article image

Director-general of the World Trade Organisation Pascal Lamy does not believe global economic recovery is imminent, amid a WTO prediction that world trade will drop nine percent this year. "I do not share the optimism of some governments for an economic recovery, because from the point of view of international trade, I do not see any positive sign at the moment," he said. Lamy predicted that the current conditions would continue for some time yet: "There is nothing to say that we are not still deep in this crisis which has begun and will continue." He also warned that developing countries could face social consequences from recession. His remarks follow the updated forecast by the World Bank that the global economy would contract by three percent, and their renewed call for aid to developing countries.

Tags

Leave A Comment

Spinning icon Saving your comment, please wait...
Spinning icon Saving your comment, please wait...