The World Trade Organisation (WTO), in a sharp revision of its previous estimate, predicted yesterday that growth in world trade would halve this year and slump further next year because of financial turmoil in Asia.

The WTO's chief economist, Mr Patrick Low, said growth in world trade was provisionally forecast to fall to 4 per cent in 1998, revised down from a 7 per cent estimate, compared to 1997's 9.5 per cent, and to 3 per cent in 1999.