GATT Predicts Growth in World Trade: World...

GATT Predicts Growth in World Trade: World trade should expand by 2.5% to 5% this year, depending on the extent and timing of economic recovery in Japan and Western Europe, according to the General Agreement on Tariffs and Trade. GATT, in a report to be released today, said that in volume terms, global exports grew by 2.5% in 1993, slowing their rise after expanding 4.5% a year earlier. In value terms, merchandise trade dropped by 2% to $3.58 trillion last year. Slack trade growth was due mainly to recession in Western Europe, where exports and imports fell for the first time in 40 years.