The world trade Organization (WTO) announced on Tuesday have revised downward its forecast of growth of world trade in goods for this year and next year, primarily due to commercial conflicts.

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The global trade is only expected to grow 1.2% this year and 2.7% next year, according to the WTO forecast in April on an increase of 2.6% in 2019 and 3.0% in 2012.

"The trade conflicts represent the most important downside risk to the forecast, but macroeconomic shocks and financial volatility are also potential triggers for a worsening of the slowdown," says in a press release, the Geneva-based organization.

The release announced by the United Kingdom of the european Union also weighs on the global economy, she adds, noting that the impact of a possible Brexit without agreement would be limited essentially to Europe.