13 Apr Global Trade Grows at Fastest Rate in Six Years
The latest analysis from the World Trade Organisation (WTO) suggests that global trade enjoyed its fastest pace of growth in six years in 2017.
In a report published in recent days, the WTO has revealed that in 2017, global trade volumes grew by 4.7 per cent, leading commentators to predict that global trade will continue to perform well over the course of this year.
Looking ahead, the WTO has estimated that trade volumes will expand by 4.4 per cent by the end of 2018, but has warned that rising trade tensions between the US and China could have an adverse impact on business confidence and investment decisions – as could tensions between the UK and the European Union (EU) throughout ongoing Brexit negotiations.
Nevertheless, the WTO’s positive figures and forecasts come at a time when separate research predicts that demand for British-made goods and services will rise significantly in the coming years.
In its latest Navigator report, high street bank HSBC has estimated that UK exports will rise in value by 22 per cent by the year 2020.
By 2030, the total value of British exports will then be worth be double what it is today, the report has said.
The highly optimistic forecasts come after HSBC assessed some 6,000 business from all over the world to determine their attitudes and expectations towards trade and other issues.
Following the publication of HSBC’s report earlier this week, International Trade Secretary Dr Liam Fox said that the UK was entering into “a period of unprecedented economic opportunity.”