The World Trade Organisation has raised its forecasts for world trade for 2014, but says it does not expect a return to its historic high until next year at the earliest.<br /><br />The figures remain down on forecasts of a year ago, mainly because of the slow pace of European recovery, but the WTO says the situation there is starting to turn around.<br /><br />After the weakness in growth at the start of this decade with the hangover from the 2008 financial crisis dragging the figures down, 2014’s 4.5% projected growth has been raised by two tenths of a point, and the 5.3% trade growth forecast for next year is back to the record pre-crash high.<br /><br />“A return to positive growth in the EU for trade flows will make a very important contribution to trade growth globally as the EU accounts for around 2/3rds of world trade. So again we will be watching closely to see if the recovery in the EU disappoints,” said WTO Director General Roberto Azevedo.<br /><br />However the WTO warns protectionism remains a brake on development, and that 80% of protectionist measures imposed in 2008 remain in place. It hopes they will be quickly removed as growth returns.
