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2013 world trade growth forecast cut to 2.5%

Roberto Azevedo, the new chief of the World Trade Organisation's (WTO) has said global trade is expected to grow by 2.5% in 2013 and 4.5% next year, revising down previous estimates of 3.3% and 5%, Reuters has reported. Azevedo said the forecasts had been cut because the European economy had not recovered in the second quarter of this year as expected, but gave no further details.