"The World Trade Organization (WTO) issued the most pessimistic report on global trade in its 62-year history, forecasting a drop of 9 percent or more in 2009.... 'Many thousands of trade-related jobs are being lost,' said WTO Director-General Pascal Lamy...." [The Wall Street Journal/Factiva]

Xinhua adds that "...contraction for developed countries will be particularly severe with their exports falling by 10 percent this year, according to a WTO annual global trade assessment report. In developing countries, which are far more dependent on trade for growth, exports will shrink by some 2 to 3 percent in 2009, WTO economists said in the report...." [Xinhua/Factiva]

Associated Press writes that Lamy "...urged governments to avoid making the situation worse by boosting failing companies at the expense of foreign competitors. 'The use of protectionist measures is on the rise,' Lamy said. 'The risk is increasing of such measures choking off trade as an engine of recovery. We must be vigilant because we know that restricting imports only leads your trade partner to follow suit and hit your exports.'..." [Associated Press/Factiva]