Mubasher: The World Trade Organization (WTO) revised on Thursday its 2016 global trade forecast to 2.8% from 3.9%, due to slowdown in growth of Western countries and several risks facing global economies. It projects 3.6% growth in world trade next year, according to Oman News Agency.
"Trade is still registering positive growth, albeit at a disappointing rate," WTO Director-General Robert Azevedo said in a statement.
Various factors were continuing to apply downward pressure on global commerce, the Geneva-based body said.
The rout on commodities prices has shown few signs of reversing, while the full extent of the slowdown in China – the world's top commodities consumer – remains uncertain.
The WTO listed "a sharper-than-expected slowing in China (and) worsening financial market volatility" as factors that could further suppress global trade this year.
