The WTO fears trade may become less free. Photo: Reuters

The World Trade Organization (WTO) on Wednesday cut its trade growth forecast for 2013 because of risks from the eurozone crisis and growing protectionism. Global trade is now expected to grow by 3.3% this year, the WTO says, down from its earlier forecast of 4.5%. This is the second time that WTO has reduced its trade growth estimate which began at 5.6%. The WTO said that "improved economic prospects in 2013 should only partly offset the continued weakness in the European Union (EU) whose economy is expected to remain flat or even contract slightly this year according to consensus estimates”. According to the WTO, in 2012 world trade only increased by 2.0 %. The previous year it grew 5.2%. This reflects a gloomy economic picture, especially in developed countries. The Organization for Economic Cooperation and Development (OECD) estimates that world economic activities will increase in April, especially in the US and Japan.