World trade growth expected to remain strong in 2018 at 4.4 pct: WTO

The World Trade Organization (WTO) said on Thursday that the global trade is expected to remain strong, with the merchandise trade volume growing 4.4 percent in 2018 and 4.0 percent in 2019.

The continued expansion depends on robust global growth and governments' support for right trade policies, the organization said in its annual forecast. 

Cranes loading and unloading containers at a port in Shanghai on April 7, 2018. [File Photo: IC]

However, the WTO cautioned that there are signs that escalating trade tensions may already be affecting business confidence and investment decisions, which could compromise the current outlook.

"The strong trade growth that we are seeing today will be vital for continued economic growth and recovery and to support job creation," said WTO Director-General Roberto Azevedo.

He warned that this important progress could be quickly undermined, "if governments resort to the restrictive trade policies especially a tit-for-tat process that could lead to unmanageable escalation."