WTO Says Trade Contraction Hits Bottom

WTO said that the Asian market is now making its presence felt in the economic arena as worldwide recession began to hit bottom, experts from the WTO said.

The report also said that there is no certainty when will the crisis end.

A high-ranking official of the World Trade Organization on Friday said that the current economic crisis has now showed signs of bottoming out as major economic players in Asia and other parts of the world began to see recovery through increasing profit.

In a statement, WTO Head Pascal Lamy revealed that the economy will soon start its way back up. However, he said that the fast recovery process might be affected to the ongoing increase in the number of jobless people amid the worst economic crisis since the Great Depression.

It is still not clear when and how the world will exit the current economic condition, adding that over optimism may not be of help as more and more people are still losing their jobs in the past two quarters.

Lamy made the disclosure during a meeting with WTO where some 153 member states have attended.

The official pointed that the government should implement full social and political will for its programs to be felt.

For the month of July, WTO announced it has increased its global trade contraption for 2009 with more or less 10 percent shrinkage compared to last year’s 9.0 percent.

Meanwhile, the WTO director general said that the committee is now forming final modifications on its agenda by signing a world trade liberalization pact.

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