GENEVA, Sept. 21 (Xinhua) — The World Trade Organization (WTO) on Thursday revised upward its forecast for global trade growth in 2017 to 3.6 percent, from the previous estimate of 2.4 percent, citing a sharp acceleration in global trade growth in the first half of the year.
According to WTO economists, stronger growth in 2017 was attributed to a resurgence of Asian trade flows as intra-regional shipments picked up, and as import demand in North America recovered after stalling in 2016.
Stronger growth particularly in China and the United States boosted demand for imports, which spurred intra-Asia trade as demand was transmitted through regional supply chains, the WTO explained.
Chinese demand in the first half of 2017 was driven by solid growth in industry and even stronger growth in services. Financial conditions in Asia also improved compared to the volatile first quarter of 2016, contributing to business and consumer confidence, the WTO added.