GENEVA: Global commerce is set to expand by 3.1 percent this year, the World Trade Organization said, cutting its previous forecast of 4.6 percent due to weak growth and demand.

The Geneva-based body also downgraded its forecast for trade growth in 2015 to 4.0 percent from 5.3 percent.

“International institutions have significantly revised their GDP forecasts after disappointing economic growth in the first half of the year,” said WTO chief Roberto Azevedo in a statement.

“Uneven growth and continuing geopolitical tensions will remain a risk for both trade and output in the second half of the year,” he added.