The WTO has lowered its global commerce growth forecast to 2.5 from 3.7 percent. Trade growth has been lowered from 5.6% to 4.5%. The culprit is recession in Europe. The WTO counts intra-Europe trade as part of their global commerce measure. This has stalled as money has flowed back to core domestic spending within Europe. There has been strong trade flow declines between northern and southern Europe. The European flu is dragging down the rest of the world. The supply chain link may cause the same problem as what was seen in 2009. A decline in the G7 will have an amplified effect on emerging markets.
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