The World Trade Organization on Monday forecast a modest increase in global trade over the next two years.
Trade will grow by 4.7 percent in 2014, more than double the increase in 2013 of 2.1 percent, the WTO said.
The growth rate remains below the 20-year average of 5.3 percent, however. The WTO sees trade returning to that rate in 2015.
“For the last two years trade growth has been sluggish. Looking ahead, if GDP forecasts hold true, we expect a broad-based but modest upturn in 2014, and further consolidation of this growth in 2015”, WTO Director-General Roberto Azevêdo said.
The reported cited uncertainty caused by the U.S. Federal Reserve’s exit from monetary stimulus and weak consumption in the European Union for contributing to sluggish trade growth. However, the WTO sees the U.S. and EU recoveries "firming up."
Azevêdo called on WTO members to do more to boost trade by completing a limited Bali accord on world trade rules or returning to the long-stagnant Doha round of talks.