WTO says that the conditions for improved trade are already falling into place
* The World Trade Organization (WTO) has lowered growth projections for world trade in 2013 for the second time* On a positive note, WTO says that the conditions for improved trade are already falling into place.
* WTO predict growth in 2013 at 2.5% against 3.3% projected in April and 4.3% earlier in the year.
* WTO has also lowered growth projection for 2014 to 4.5% from 5% predicted in April.
* Trade was only up 1.2% in the first half of 2013, and to realise 2.5% growth in 2013 would require a 3.8% growth in the second half of 2013, which is feasible, says WTO.
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* On the export side, it expects a 1.5% increase for developed economies and a 3.6% rise for developing economies.
* On the import side, the WTO is forecasting stagnant growth of -0.1% for developed countries and a more robust 5.8% increase for developing economies.
* In 2014, world trade is expected to advance 4.5%, with exports of developed economies climbing 2.8% and those of developing countries increasing 6.3%. Imports of developed economies are projected to grow 3.2% in 2014 while those of developing economies should expand by 6.2%.
* The revised trade forecasts are accompanied by a slight downward revision in the GDP estimates compared to the April release (from 2.1% to 2.0% in 2013, and from 2.7% to 2.6% in 2014).
* GDP figures refer to output at market exchange rates and are generally smaller than the equivalent figures measured at purchasing power parity (PPP).
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