The World Trade Organization (WTO) on Monday raised its forecast for global trade growth in 2014 to 4.7 percent, from its previous prediction of 4.5 percent.

The predicted growth is more than double the rate of 2.1 percent in 2013 but remains below the 20-year average of 5.3 percent and well below the pre-crisis trend of 6 percent (1990-2008), [Set Up Company Hong Kong]said WTO in a report.

The 2014 global trade forecast was based on an assumed 3 percent growth in world gross domestic production (GDP) at market exchange rates, said the watchdog of international trade.

In the report, WTO saw the world economy in 2014 as mixed, with downside risks and significant upside potentials coexisting.

It explained that on one hand leading economies remain fragile, including some of the most dynamic developing countries that until recently were propping up global demand.

Meanwhile, developing economies have slowed greatly due to both internal and external reasons, partially referring to the potential effect of the winding down of U.S. quantitative easing (QE).

On the other hand, the U.S. economy seems to be gaining momentum and the European Union appears to have turned a corner, which would have positive implications, WTO suggests.

The report predicted exports of developed economies to grow at 3.6 percent in 2013 while that of developing countries (including the Commonwealth of Independent States, CIS) to be 6.4 percent.

Imports by developed economies were expected to grow at 3.4 percent, while by developing countries (including CIS) at 6.3 percent.

For the very first time, [Hong Kong Company Formation]this year's report also detailed the trade outlook for 2014 in regional forecasts.

According to the report, Asia was expected to lead export growth in 2014 at a rate of 6.9 percent, followed by North America at 4.6 percent, South and Central America at 4.4 percent, Europe at 3.3 percent and other regions that comprise of Africa, the Middle East and the CIS at 3.1 percent.

On the import side, Asia would be at first place with a growth of 6.4 percent, followed by other regions (5.8 percent), South and Central America (4.1 percent), North America (3.9 percent) and Europe (3.2 percent).

The report said China, the world's second largest economy, would drive strong import growth in Asia.