The World Trade Organisation told the markets that it does not expect global goods trade growth to return to historic growth levels of 5.3% until 2015.

Speaking a conference in Switzerland, WTO Director General Roberto Azevedo said while the group slightly raised its 2014 forecast for growth in global goods trade to 4.7%, it will not hit more favourable levels until at least a year's time.

"If GDP forecasts hold true, we expect a broad-based but modest upturn in the volume of world trade in 2014 and further consolidation of this growth in 2015," said Azevedo in a news conference.

"We will be watching very closely to see if the recovery in the EU disappoints."

The WTO said the dollar value of global services exports grew by 6% to $4.6tn in 2013, compared to 2% growth the previous year.

Azevedo also warned that economic growth was still being stunted by European Union protectionist policies.

"It's not on the level - not even nearly close to the level - that we had after the 1929 crisis. But it's measurable and regrettable."

Around 80% of the EU protectionist policies are still in place since they were implemented in 2008.