WTO cuts trade forecasts after trade shrinks in first half of 2015
The World Trade Organization WTO logo is seen at the entrance of the WTO headquarters in Geneva April 9, 2013. REUTERS/RUBEN SPRICH

GENEVA:The World Trade Organization cut its forecasts for global goods trade on Wednesday after quarterly growth turned negative, with trade shrinking by an average of 0.7 percent in the first two quarters of this year.

The WTO sees world trade growth of 2.8 percent this year and 3.9 percent in 2016, revised down from the forecasts it made in April of 3.3 percent and 4.0 percent, respectively.

Risks, including a potential U.S. interest rate rise and further slowing in developing economies, are “firmly on the downside”, the WTO said in a statement.

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