Tuesday, Oct 26, 2004
Tuesday, Oct 26, 2004 |
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GENEVA, OCT. 25. Global commerce is expected to grow 8.5 per cent by the end of this year despite record oil prices which are causing renewed gloom, the World Trade Organization said on Monday. Oil prices may dampen growth in trade and overall output in 2005, but the effects of the rise now are being outweighed by economic revival, WTO said in releasing figures from its annual International Trade Statistics report. The WTO stopped short of predicting a dollar figure for the value of world merchandise trade for all of 2004, but said it would be 8.5 per cent higher than the $7.3 trillion (then $5.82 trillion) recorded for 2003. Michael Finger of the WTO's development and economic research division, said the percentage increase was based on constant dollars and that the amount would be different if it had to take into account the decline in the value of the dollar and the increase in the price of oil. "Growth in world trade in 2004 will not be adversely affected by higher oil prices to any great extent because we are seeing good growth in trade and output in China, Latin America and Africa,'' said Supachai Panitchpakdi, head of the 148-nation WTO. — AP
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