Saturday, March 27, 2010

World trade to see 9.5 pct growth in 2010: WTO

GENEVA: The World Trade Organization said Friday that it expected 9.5 percent growth in merchandise trade this year, in a strong recovery from the steepest commercial contraction since the Great Depression.

The rebound will be led by an 11 percent growth in exports from developing countries such as China, India and Brazil, the WTO said. Exports from wealthy nations should rise 7.5 percent.

World trade shrunk by 12 percent in 2009, as the economic crisis destroyed consumer confidence, weakened demand, damaged credit lines for exporters and, in some instances, led to increased protectionism from governments.

The WTO said it was the "sharpest decline in more than 70 years."

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