WTO cuts 2013 world trade forecast to 2.5 percent

GENEVA, Sept 9 Mon Sep 9, 2013 7:51am EDT

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GENEVA, Sept 9 (Reuters) - World trade is expected to grow by 2.5 percent this year and 4.5 percent in 2014, the World Trade Organization's new chief Roberto Azevedo said on Monday, revising down previous estimates of 3.3 percent and 5 percent.

Azevedo said the figures will be detailed in a report to be released on September 19. He said the forecasts had been cut because the European Union had been expected to recover in the second quarter of this year, but was now expected to bottom out in the third quarter.

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California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

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