WTO revises down trade growth forecast

The World Trade Organization expects global commerce to grow by only 3.1 percent in 2014, down from the 4.7 percent forecast made in April, as import demand in China and other resource-rich regions weakens.

The statement released on Tuesday also cut the 2015 trade forecast from 5.3 percent to 4 percent, significantly below the 5.2 percent growth average for the past 20 years.

The organization said weaker-than-expected GDP growth and muted import demand in the first half of the year were responsible for the downgrade and warned of further risks in the second half arising from uneven global growth, worsening regional conflicts in Ukraine and the Middle East, and increasing panic from the Ebola crisis.