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WTO sees rising protectionism amidst crisis
The World Trade Organisation warned on Wednesday of rising protectionism amid the economic crisis as it sharply cut its forecast for trade volumes of developed and developing economies this year, reported AFP.
Making its latest assessment of the global economic situation, the WTO also observed that the sharp contraction of the global economy registered in the first quarter this year "appears to be slowing down."
However, citing risks including rising unemployment and oil prices, the organisation lowered its forecast of global trade contraction to 10.0 percent from its March forecast of a shrinkage of 9.0 percent.
Trading volumes of developed economies are now expected to shrink by 14.0 percent instead of 10.0 percent while those of developing economies would contract 7.0 percent, rather than the earlier forecast 2.0-3.0 percent.
Amid the economic crisis, the WTO said in its report to member states that there has been a growing number of instances of protectionism.
"In the past three months, there has been further slippage towards more trade restricting and distorting policies," it said in the report.
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