Growth in global trade is set to accelerate over the next two years, according to the World Trade Organization (WTO).
Figures released on 14 April estimated that trade would grow by a “modest” 4.7% in 2014 and at a slightly faster rate of 5.3% in 2015.
If these figures are correct, they would match the average growth rate in world trade over the last 20 years.
Among many other indicators, this would suggest that the world economy is gradually recovering from the financial crisis.
Roberto Azevêdo, director general of the WTO, said:
“For the last two years trade growth has been sluggish. Looking ahead, if GDP forecasts hold true, we expect a broad-based but modest upturn in 2014, and further consolidation of this growth in 2015.
“It’s clear that trade is going to improve as the world economy improves.”
The impact of recent growth means that global trade has pushed above its pre-crisis level, but still remains far below where it would have been, if not for the damaging credit crisis in 2008.
The WTO say that continued growth will not happen by itself and that its recent round of trade liberalisation agreements must be successful for further progress to be made.
Photo by Mr Hayata