The World Trade Organization adjusted its outlook for global trade on Monday, predicting that worldwide commerce will grow by 4.7 percent in 2014, adjusted up from its previous forecast of 4.5.
The WTO noted that economic recovery in wealthy economies is expected to offset risks in emerging nations.
This latest forecast indicates world commerce will more than a double the 2.1 percent growth it realized in 2013.
Asia will continue to prompt growth rates, the WTO said, although China's strong expansion is slowing. The organization expects Europe and North America's recoveries to be major drivers of both imports and exports.
"For the last two years trade growth has been sluggish. Looking ahead, if GDP (gross domestic product) forecasts hold true, we expect a broad-based but modest upturn in 2014, and further consolidation of this growth in 2015," said WTO head Roberto Azevedo to the media.
The WTO predicts that trade growth in 2015 would be even better, reaching 5.3 percent.
"For the last two years trade growth has been sluggish. Looking ahead, if GDP (gross domestic product) forecasts hold true, we expect a broad-based but modest upturn in 2014, and further consolidation of this growth in 2015," said WTO head Roberto Azevedo to the media.
The WTO predicts that trade growth in 2015 would be even better, reaching 5.3 percent.
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