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WTO Scales Back Its Trade Forecast to 5.8%
WTO Scales Back Its Trade Forecast to 5.8% as Downside
Risks Build
WTO economists announced today that they are revising their 2011 trade forecast to 5.8%, down from their earlier conservative estimate of 6.5%, since trade has grown more slowly than expected in recent months and the outlook for the global economy is increasingly uncertain. Director-General Pascal Lamy said: “The multilateral trading system has been instrumental in maintaining trade openness during the crisis, thereby avoiding even worse outcomes. Members must remain vigilant. This is not the time for go-it-alone measures. This is the time to strengthen and preserve the global trading system so that it keeps performing this vital function in the future.”
Press release: http://www.wto.org/english/news_e/pres11_e/pr641_e.htm
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