World Trade Organization Cuts 2013 Growth Forecast

Revelation 6:5,6 NCV When the Lamb opened the third seal, I heard the third living creature say, "Come!" I looked, and there before me was a black horse, and its rider held a pair of scales in his hand. Then I heard something that sounded like a voice coming from the middle of the four living creatures. The voice said, "A quart of wheat for a day's pay, and three quarts of barley for a day's pay, and do not damage the olive oil and wine!"

The World Trade Organization has announced a cut in the 2013 growth forecast from 4.5% to 3.3%.

The WTO tried to downplay the weaker growth by claiming that in 2014 the world trade market should grow 5%.

“There is a need for more rules-based trade in order to reduce unemployment and to stimulate growth,” WTO director general Pascal Lamy told reporters. In addition to the unemployment, the weaknesses in European economies will continue to drag down trade.

The WTO report says that increased growth from China will offset the weakness from Europe but it won’t be enough to keep the growth on par with economist’s earlier projections.

In 2012, growth was just 2% worldwide. It was the second worst total since record keeping began in 1981, trailing only 2009 when trade shrank.

The bad news in the 2% growth number is that value of goods remained level due to lower prices for coffee, cotton, coal and iron ore.

Leave a Reply