NEW DELHI: India’s sliding export performance may be difficult to arrest as the World Trade Organization has cut global trade growth forecast for 2015 to 3.3% from 4% earlier.
“Trade growth has been disappointing in recent years due largely to prolonged sluggish growth in GDP following the financial crisis,” WTO Director-General, Roberto Azevedo, said.
“We expect trade to continue its slow recovery but, with economic growth still fragile and continued geopolitical tensions, this trend could easily be undermined,” he said. The Geneva-headquartered WTO estimates growth to recover to 4% in 2016.
In 2014, international trade grew by 2.8%, much less than the original forecast of 4.7% and also lower than the revised forecast of 3.1% estimated by WTO last September.
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