24 Mar 2009

WTO predicts 9% drop in world trade this year

6:29 pm on 24 March 2009

Trade volumes will fall 9% this year as demand collapses in the most serious economic downturn in decades, the World Trade Organisation says.

The contraction would be the biggest since World War II.

World trade tapered off sharply in the last half of 2008 to show growth of 2% over the whole year, after rising 6% in 2007, it said in a report.

The report was originally scheduled to be released on Wednesday, but several media organisations published it on Monday.