Copyright Spencer Platt, Getty Images
Industryweek 21439 Container Ship G Spencerplatt

Global Trade 'Rebounds Strongly' in First Half of 2017: WTO

Sept. 21, 2017
The positive news comes after the WTO had for years warned of a lackluster global trade climate that lingered in the wake of the 2008 financial crisis.

The World Trade Organization on Thursday upped its forecast for global trade growth in 2017 thanks to stronger than expected demand for merchandise in Asia and North America.

A previous projection of 2.4% growth for this year has been boosted to 3.6%, the organization said in a press release.

"Growth of 3.6% would represent a substantial improvement on the lackluster 1.3% increase in 2016," the Geneva-based body said.

The positive news comes after the WTO had for years warned of a lackluster global trade climate that lingered in the wake of the 2008 financial crisis.

The organization has of late voiced particular concern about the possible impacts of rising protectionism in major economies -- notably from U.S. President Donald Trump's administration -- that it said could dampen global commerce.

"The improved outlook for trade is welcome news, but substantial risks that threaten the world economy remain in place and could easily undermine any trade recovery," WTO director general Roberto Azevedo said in a statement.

"These risks include the possibility that protectionist rhetoric translates into trade restrictive actions, a worrying rise in global geopolitical tensions and a rising economic toll from natural disasters," he added.

Copyright Agence France-Presse, 2017

Popular Sponsored Recommendations

How to Build Zero-Cost On-Site Solar and Storage Projects

Nov. 25, 2023
The Inflation Reduction Act offers tax credits, incentives, and financing that enable no-cost projects. In Enel’s eBook, discover the critical role that incentives play in your...

Modern Edge Computing Accelerates Smart Manufacturing Initiatives for Discrete Manufacturers

Oct. 22, 2023
Discover how Edge Computing platforms are a requisite for discrete manufacturers to solve production challenges, accelerate digitalization, and establish a reliable infrastructure...

Risk-Based Asset Management (RBAM): Accounting for Risk in Your Asset Management Strategy

Sept. 14, 2023
What if you could get more out of assets, reduce the risk of critical failures AND keep all your stakeholders happy? It’s called risk-based asset management, or RBAM, and it’ll...

Are You Positioned To Tackle Supply Chain Risk?

Sept. 20, 2023
Supply chain disruption is here to stay, but you can keep ahead of potential issues — and identify new opportunities — by regularly assessing your suppliers. Download our supplier...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!