World Trade to Shrink By 9%

Global trade volume will shrink by at least 9% in the present year. In a forecast by the World Trade Organization (WTO), developed nations are being seen to be hit the hardest. Developed nations across the world can expect a 10% drop in the trade percentage. Poorer nations could expect 2-3% fall.

Falling Trade responsible for recession:
While blaming the shrinking trade volume as the reason for global slump, WTO also said that it could well be a "potent tool' for coping with the same.

World trade has witnessed the biggest fall since World War II.

WTO Director-General Pascal Lamy also called up on world leaders to fight protectionism. Lamy pointed out that Protectionist measures counter the effect of efforts to recover from the global recession. And that such measures could "threaten more job losses". World Trade is an important agenda at the upcoming G-20 Summit on April 2 in London.

Optimistic Outlook:
Global trade is unusually falling simultaneously around the world.


WTO, however, marked that there have been some positive signs with China, Singapore and Taiwan recording a rise in export- for the first time in months.China is counting on recovering sooner than rest of Asia.