The growth rate of global trade is expected to more than double to 4.7 per cent this year, the World Trade Organization (WTO) said Monday, while warning that the situation in leading Western and emerging economies would remain fragile. Last year, global merchandise trade grew by only 2.1 per cent and reached 18.8 trillion dollars. China, the US, Germany, Japan and the Netherlands were the five biggest exporting nations last year, the WTO said. This year's forecast was based on expectations that the US economy will continue to gain momentum and the crisis in eurozone countries recedes. However, the trade body noted that growth would remain below the 20-year average of 5.3 per cent in 2014. At the same time, the trade body said growth in emerging markets had cooled down. It also warned that emerging countries faced several specific risks, pointing to current account deficits in India and Turkey, the currency crisis in Argentina and production overcapacities in several countries. However, Asian countries are set to drive global trade once again this year, with an expected increase of 6.9 per cent. Merchandise trade in all other world regions was forecast to grow below the global average of 4.7 per cent: North America was forecast to expand by 4.6 per cent, Latin America by 4.4 per cent, Europe by 3.3 per cent and Africa, the Middle East and former Soviet countries by 3.1 per cent. Growth would return to the 20-year average of 5.3 per cent only next year, the WTO said. "It's clear that trade is going to improve as the world economy improves. But I know that just waiting for an automatic increase in trade will not be enough for WTO members," WTO Director General Roberto Azevedo said. He called on countries to build on the set of free-trade policies that they agreed to in Bali in December, and to conclude the Doha Round of talks which would liberalize the flow of goods and services even more. -- SPA 22:35 LOCAL TIME 19:35 GMT تغريد
