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World Trade Picture Improves, '14 Below Trend

The World Trade Organization slightly raised its 2014 forecast for growth in global goods trade to 4.7 percent on Monday, saying it did not expect a return to the historical trend level of 5.3 percent until 2015."If GDP forecasts hold true, we expect a broad-based but modest upturn in the volume of world trade in 2014 and further consolidation of this growth in 2015," WTO Director General Roberto Azevedo told a news conference in Geneva.Although the 2014 forecast represents a brighter picture than the 4.5 percent growth that the WTO expected at the time of its last forecast in September, it is still gloomier than its predictions a year ago because the European Union's economic recovery took longer to materialise than expected."EU demand has been weighing on world imports for the past couple of years but it's starting to turn around," said WTO economist Coleman Nee."We will be watching very closely to see if the recovery in the EU disappoints," Azevedo added.Azevedo said it was unclear ...

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