The World Trade Organization has raised its outlook for global goods trade this year slightly, but cautions that increasing geopolitical tensions and uncertainty over economic policy pose “substantial” risks to its forecast.

The World Trade Organization (WTO) raised its outlook for global goods trade this year slightly, but cautioned on Thursday that increasing geopolitical tensions and uncertainty over economy policy pose 'substantial' risks to its forecast.

World trade is set to rebound this year at a slightly faster pace than previously forecast as central banks lower their key interest rates, the World Trade Organization said Thursday.