Trade to remain subdued in 2013 after sluggish growth in 2012 as European economies continue to struggle
WORLD trade growth fell to 2.0% in 2012 - down from 5.2% in 2011 - and is expected to remain sluggish in 2013 at around 3.3% as the economic slowdown in Europe continues to suppress global import demand, WTO economists reported on 10 April 2013. "The events of 2012 should serve as a reminder that the structural flaws in economies that were revealed by the economic crisis have not been fully addressed, despite important progress in some areas. Repairing these fissures needs to be the priority for 2013," WTO Director-General Pascal Lamy said.
Developing countries and the Commonwealth of Independent States (CIS) collectively raised their output by 4.7% in 2012, with Africa recording the fastest growth of any country or region at 9.3%. China was not far behind at 7.8%, while India recorded a 5.2% increase. However, the newly industrialized Asian economies of Hong Kong (China), the Republic of Korea, Singapore and Chinese Taipei registered a disappointing 1.8% increase as slumping European demand penalized their exports.