The World Trade Organisation is predicting a ‘modest’ 6.5% expansion in world trade for the year ahead following last year’s record-breaking 14.5% surge in the volume of exports. “The sharp rise in trade volumes last year enabled world trade to recover to its pre-crisis level but not its long-term trend, and WTO economists believe the recent series of important events around the world lend a greater degree of uncertainty to any forecast,” said WTO director-general Pascal Lamy. “The figures show how trade helped the world escape recession in 2010. However, the hangover from the financial crisis is still with us. High unemployment in developed economies and sharp belt-tightening in Europe will keep fuelling protectionist pressures.”
