WTO raises 2014 global trade growth forecast to 4.7 pct

GENEVA -- The World Trade Organization (WTO) on Monday raised its forecast for global trade growth in 2014 to 4.7 percent, from its previous prediction of 4.5 percent.

The predicted growth is more than double the rate of 2.1 percent in 2013 but remains below the 20-year average of 5.3 percent and well below the pre-crisis trend of 6 percent (1990-2008), said WTO in a report.

The 2014 global trade forecast was based on an assumed 3 percent growth in world gross domestic production (GDP) at market exchange rates, said the watchdog of international trade.

China contributes over 30% to global trade	China confident of foreign trade growth in 2014