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Global trade prospects dim, hopes pinned for G20 summit

BEIJING -- The World Trade Organization (WTO) Monday forecast a 9-percent decline in global trade this year, and many are hoping that the upcoming G20 summit would usher in a change.

Contraction for developed countries will be particularly severe with their exports falling by 10 percent this year, according to a WTO annual global trade assessment report.

In developing countries, which are far more dependent on trade for growth, exports will shrink by some 2 to 3 percent in 2009, WTO economists said in the report.

The WTO warned against protectionism which will eat on worldwide efforts to save the economy and prolong the current difficult scenario.

"Trade can be a potent tool in lifting the world from these economic doldrums," WTO Director-general Pascal Lamy said in a statement.

"In London G20 leaders will have a unique opportunity to unite in moving from pledges to action and refrain from any further protectionist measure which will render global recovery efforts less effective," Lamy said, referring to the upcoming Group of 20 summit scheduled for early April.

Low employment rate, stagnant growth and rising social problems brought about by economic recessions are now engaging most of the energies of the world's governments.

In a bold plan to save its economy, the U.S. government Monday unveiled a detailed rescue plan to cleanse bad bank assets that have frozen up lending and fueled the recession.

The Treasury said the three-part program will provide financing through the Federal Reserve and the Federal Deposit Insurance Corp. (FDIC) to help public-private investment partnerships buy up to 1 trillion dollars in distressed loans and securities.

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