NEWS
- 10 March | ForumIAS Residential Coaching (FRC) Student secures Rank 6 in CSE 2025! →
- 10 March | SFG Folks! This dude got Rank 7 in CSE 2025 with SFG! →
- 10 March | SFG Folks! She failed prelims 3 times. Then cleared the exam in one go! Watch Now! →
News:The World Trade Organization(WTO) has reduced its global growth forecasts for 2019 to 1.2% from the earlier 2.6%.
Facts:
- The trade forecasts has been reduced due to (a)downgrades on slower growth in major economies (b)trade wars and (c)ongoing uncertainty over Brexit.
- It has also said that the job creation may also be affected as firms employ fewer workers to produce goods and services for export.
- However,the WTO has also said that it expects growth in trade volumes to accelerate to 2.7% in 2020 but cautioned that any pick-up depends on a return to normal trade relations.
Additional information:
About WTO:
- The World Trade Organization (WTO) is an intergovernmental organization that is concerned with the regulation of international trade between nations.
- The WTO officially commenced in 1995 under the Marrakesh Agreement signed by 124 nations replacing the General Agreement on Tariffs and Trade (GATT).
- Currently,it has 164 members and 22 observer governments with Afghanistan and Liberia being the latest to join.
