ZOMBIE economies

10 April 2013 the WTO reduced world growth forecasts for 2013 to 3.3% compared to original 4.5 % estimate.

The organisation’s general director, Pascal Lamy warned 2013 could be worse than expected,

The WTO said that trade had grown by just 2% in 2012, the second-worst figure since records began in 1981. The worst performance had come in 2009 when trade shrank.

Average growth over the past two decades has been 5.3%, it said.

In dollar terms, the value of the goods traded last year remained stagnant at $18.3 trillion (£11.9 trillion). The value was unchanged because prices for coffee, cotton, coal and iron ore fell.

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