The World Trade Organization slashed its global merchandise trade forecast for this year to the lowest in a decade citing escalating trade disputes and slowing global growth.
In its latest report, released Tuesday, the WTO said global trade volume will expand 1.2 percent this year, which was well below the April projection of 2.6 percent. The growth is forecast to improve next year, to 2.7 percent but down from 3 percent estimated in April.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.