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Economy: Significantly less growth in world trade expected


The World Trade Organization has more than halved its growth forecast for 2019. It warns of tariff conflicts and the consequences of an unregulated Brexit.

The World Trade Organization (WTO) expects significantly weaker international trade this year. Trade should only increase by 1.2 percent, said the WTO. So far, she had expected 2.6 percent growth. The organization lowered its forecast by more than half.

The WTO justified the correction with tariff conflicts that unsettled the global economy. In addition to the trade dispute between the US and China with US tariffs on almost all imports from China, there are additional threats of billions on EU products.

In Geneva, these days, the decision is being made as to how high the US may impose tariffs on Airbus for illegal subsidies. The US had requested more than $ 10 billion in measures. WTO arbitrators had made a binding determination in May 2018 that Airbus had continued to receive illegal subsidies despite several WTO rulings.

For 2020, the plus will turn out with 2.7 percent lower than last estimated at 3.0 percent, as the WTO further communicated. A disorderly EU exit from the UK could have a significant impact, although it is likely to be largely confined to Europe.

Source: zeit

business 2020/04/05    

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