WTO cuts trade growth forecasts as emerging markets slow

The World Trade Organization cut its forecast for growth in global trade due to emerging markets slowing, and warned an increase in US interest rates and the refugee crisis in Europe could crimp trade growth further. The WTO said falling prices for commodities including oil, and exchange rate fluctuations also led it to cut the forecast for trade growth this year to 2.8 percent from 3.3 percent it forecast in April. Trade had been a major driver of growth in the 1990s and early 2000s, expanding