This is partly explained by slower growth in the European Union, which has a larger share in world trade than in world GDP. Trade only grew slightly faster than output in 2018, and this relative weakness is expected to extend into at least 2019 (Chart 1). The above-average trade growth of 4.6% in 2017 suggested that trade could recover some of its earlier dynamism, but this has not materialized. Consensus estimates have world GDP growth slowing from 2.9% in 2018 to 2.6% in both 20. Trade growth in 2018 was weighed down by several factors, including new tariffs and retaliatory measures affecting widely-traded goods, weaker global economic growth, volatility in financial markets and tighter monetary conditions in developed countries, among others. If we forget the fundamental importance of the rules-based trading system we would risk weakening it, which would be an historic mistake with repercussions for jobs, growth and stability around the world." WTO members are working to do this and are discussing ways to strengthen and safeguard the trading system. It is increasingly urgent that we resolve tensions and focus on charting a positive path forward for global trade which responds to the real challenges in today's economy – such as the technological revolution and the imperative of creating jobs and boosting development.
Trade cannot play its full role in driving growth when we see such high levels of uncertainty.
WTO Director-General Roberto Azevêdo said: "With trade tensions running high, no one should be surprised by this outlook.
0 kommentar(er)
