World trade contracted 12 pct in 2009: WTO's Lamy

Friday, February 26, 2010

Global trade contracted by about 12 percent in 2009 but has started to pick up, the head of the World Trade Organisation (WTO) said on Wednesday.

WTO Director General Pascal Lamy said the organisation had revised its previous estimate of a contraction of about 10 percent in 2009 but gave no forecast for 2010.

"World trade has also been a casualty of this (global economic) crisis, contracting ... by about 12 percent in 2009," Lamy said during a visit to Brussels, calling it a huge drop and the sharpest decline since the end of World War Two.Asked about world trade in 2010, he declined to give any figure but said:

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World trade contracted 12 pct in 2009: WTO's Lamy

Global trade contracted by about 12 percent in 2009 but has started to pick up, the head of the World Trade Organisation (WTO) said on Wednesday.