Posted on 02/24/2010 12:34:27 PM PST by TaraP
World trade fell by 12% last year as the economic crisis caused the biggest drop since 1945, World Trade Organisation chief Pascal Lamy said today.
'World trade was reduced by 12% in 2009,' Lamy told the European Policy Centre, a Brussels think tank. He said it was the sharpest decline since the end of the World War II.
Exports, imports fall in December
The drop was worse than the 10% fall that the WTO had forecast in December.
Mr Lamy added that the massive fall in global commerce made it 'economically imperative' to conclude international trade negotiations, which are at a standstill, in 2010.
The Doha Round of trade negotiations that began in 2001 with a focus on dismantling obstacles to trade for poor nations has been dogged by intractable disagreements including how much the US and EU should reduce farm aid and the extent to which developing countries such as India and China should lower tariffs.
Deadlines to conclude the talks have been repeatedly missed, with the latest being the end of this year.
Lamy blamed the 'freefall' triggered by a crisis that first struck financial markets in late 2008 on a reduction in demand across all major world economies as well as the drying-up of trade financing and rising tariffs or national subsidies
At the rate ZERO is going, the great depression will soon be the second worse.
It seems this too was unexpected. No green shoots for you! Maybe bammy can give a speech telling us all how much he supports free enterprise? Then again, maybe not.
Let's work instead on a health care bill to insure the uninsured (while forcing them to buy it regardless of whether they can afford it).
I know one person who is feeling great now-a-days...Jimmy Carter. A huge weight has been lifted off his shoulders and his stock is rising daily.
ping
Yep, ol Jimmuh pretty much has 2nd worst President ever locked up about now, and the Toon moved to 3rd....
You have to include LBJ in there somewhere.
This is a bad sign. Speaks of depression-era not a recession.
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