The World Trade Organisation (WTO) has raised its forecast for global trade growth this year to 4.7 per cent, the Financial Times reported Monday.
However, it warned that a slowdown in developing economies and increasing geopolitical tensions, including the worsening situation in Ukraine, could undermine the recovery.
Earlier, WTO director general Roberto Azevedo said he had yet to detect signs of a significant recovery in global commerce in the first quarter of 2014, leading some economists to expect a lower growth forecast by the world body.
On Monday, the WTO said the global recovery and an upturn in the United States and Europe are likely to lead to stronger than expected trade growth.
It said its forecast remains well below historical trends, particularly the pre-crisis average of 6 per cent growth through most of the 1990s and 2000s, the report said.
– Contact HKEJ at [email protected]