WTO: 2008 Global trade growth slows

By Manufacturing Business Technology Staff February 4, 2009

A report issued by the World Trade Organization (WTO) shows the financial crisis triggered a fall in world trade growth to 4.0 percent last year, with November posting the worst slowdown, AP reported. Growth began to decline in the third quarter, and this became more accentuated as the year drew to a close.
For the full year, the WTO Secretariat estimate is 4.0 percent real trade growth, said the report. Global trade grew by 8.5 percent in 2006 but slipped to 5.5 percent in 2007. The WTO last April estimated that trade growth could ease to 4.5 percent in 2008 as a sharp economic slowdown in developed countries will only be partly offset by strong gains in emerging economies.