GENEVA, April 14 (Xinhua) -- The World Trade Organization (WTO) on Monday raised its forecast for global trade growth in 2014 to 4.7 percent, from its previous prediction of 4.5 percent.
The predicted growth is more than double the rate of 2.1 percent in 2013 but remains below the 20-year average of 5.3 percent and well below the pre-crisis trend of 6 percent (1990-2008), said WTO in a report.
The 2014 global trade forecast was based on an assumed 3 percent growth in world gross domestic production (GDP) at market exchange rates, said the watchdog of international trade.
In the report, WTO saw the world economy in 2014 as mixed, with downside risks and significant upside potentials coexisting.
It explained that on one hand leading economies remain fragile, including some of the most dynamic developing countries that until recently were propping up global demand.
Meanwhile, developing economies have slowed greatly due to both internal and external reasons, partially referring to the potential effect of the winding down of the U.S. quantitative easing (QE).
On the other hand, the U.S. economy seems to be gaining momentum and the European Union appears to have turned a corner, which would have positive implications, WTO suggests.