London • A weakening world economy, President Donald Trump’s trade war with China and fears of a potentially tumultuous Brexit have combined to produce a dramatic slowdown in global commerce, the World Trade Organization said Tuesday.
The Geneva-based organization slashed its forecast for trade growth for this year and 2020, a troubling indicator as economists warn of continued weakness in the global economy.
World trade in merchandise is now expected to expand by only 1.2% during 2019, less than half the 2.6% pace of growth anticipated in April, the WTO said in a statement. World trade is forecast to expand 2.