21 January 2010 06:16 [Source: ICIS news]
SINGAPORE (ICIS news)--Growth in global trade volumes will resume this year but at a very moderate pace as the world economy gradually recovers from the worst downturn it had experienced in decades, according to a World Bank report released on Thursday.
Trading activities should pick up and expand 4.3% in 2010 and plough on to record a slightly faster growth of 6.2% next year, after suffering heavy setback last year, when trade volumes slumped 14.4%, the report said.
World economic output would expand 2.7% this year and 3.2% in 2011, after shrinking 2.2% last year, the World Bank said.
“In this still weak environment, oil prices are expected to remain broadly stable, averaging about $76/bbl; and other commodity prices should rise by only 3% per year on average during 2010 and 2011,” the World Bank said.
US crude futures were trading at below $78/bbl on Thursday.
Trading petrochemical products, meanwhile, has been buoyant since the new year started, although most market players expect the price gains to be tamer this year compared to 2009.
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“Globally, GDP is improving, but it will be a long road to full recovery,” the institution said.
“The strength of the recovery will depend on private-sector demand and the pae of withdrawal of fiscal and monetary stimulus,” it added.
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