The World Trade Organization (WTO) has released its annual report on the state of the world economy on April 14, 2014 press release, revealing Asia and Africa economies outpacing the rest of its geographic regions in growth. The report accounts Asia as recording the fastest GDP growth among WTO geographic regions posting 4.2%, a replica of the past two years followed by Africa which recorded 3.8%. The Middle East recorded 3.0%, South and Central America posted 3.0% and Commonwealth of Independent States (CIS) saw a 2.0% while North America recorded 1.8% and Europe accounting for the lowest growth in 2013 by recording a growth of 0.3%.
The WTO report estimate for economic growth in 2014 has been upgraded from 4.5% to 4.7% but affirms that this growth is far below the 20-year average of 5.3% of 1983 to 2013, decline brought about by the pre-“great trade collapse” of 2009 but the report asserts world trade could fully recover in 2015 if all trends are held constant to 5.3%. The growth though doubling the past years, is a dip
Risk to forecast of the GDP growth has declined in developed economies but uptakes in developing countries and the easing has increased financial market vitality, the WTO 2014 report of the state of the world economy, conforms. WTO says world merchandise trade grew by 2.1% in 2013 in volumes, a narrow growth to the previous year of 2.3%.
The report also posted a negative turn in trade flows for developing countries in the middle of 2013 while import and export felled by 1% in the first and second quarters. Developed economies on the other hand experienced a relative upstream in recovery as their export and imports grew respectively to 1% and 1.5%.
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