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World Bank economists expect slower growth in global trade in the next 10 years
THE World Bank says global trade will expand more slowly over the next decade than in the 30 years before the 2007-2009 financial crisis, citing forecasts for slower economic growth and longer-term shifts in trade patterns.
For 30 years up to the financial crisis, trade expanded at seven per cent year. But since then, its growth fell to half that, and should only rise five per cent over the mid-term, say four World Bank economists.
Weak spending since the financial crisis in the euro zone has also slowed growth in world trade growth, Reuters reports. Countries like the United States are also making more inputs for final products closer to home.
"Global trade is growing more slowly not only because world income growth is lower, but also because trade has become less responsive to income growth," they said.
For 30 years up to the financial crisis, trade expanded at seven per cent year. But since then, its growth fell to half that, and should only rise five per cent over the mid-term, say four World Bank economists.
Weak spending since the financial crisis in the euro zone has also slowed growth in world trade growth, Reuters reports. Countries like the United States are also making more inputs for final products closer to home.
"Global trade is growing more slowly not only because world income growth is lower, but also because trade has become less responsive to income growth," they said.
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