The ongoing trade war between the world’s two biggest economies has led WTO economists to have a gloomier growth outlook for global trade this and next year, downgrading previous expectations.
The volume of merchandise trade will grow by 1.2 percent in 2019, that is 1.4 percent lower than the global trade watchdog projected in April, according to a WTO report issued on Tuesday. In 2020, global trade is set to accelerate more than twofold to reach 2.7 percent, still down from previously expected 3 percent, with the body warning that the figure will highly depend on settling trade disputes.
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