The World Trade Organization (WTO) said on Thursday that the world trade expected to climb 2.8% in 2016, down from its previous estimate of a 3.9% growth, and 3.6% in 2017. The WTO pointed out that uncertainties weigh on global demand.

According to the WTO, downside risks to the forecast are a faster than expected slowdown in the Chinese economy, higher financial market volatility, and exposure of countries with large foreign debts to sharp exchange rate movements, while upside potential is a faster growth in the Eurozone if the European Central Bank's monetary policy is effective.

"Trade is still registering positive growth, albeit at a disappointing rate," WTO Director-General Roberto Azevêdo said.

The WTO expects the world economy to expand 2.4% in 2016 and 2.7% in 2017.