Global trade is expected to grow by a "modest" 4.7 percent in 2014, showing resilience following a slump over the past two years, the World Trade Organization said on Monday.

Before the release of this figure, several trade experts had predicted the WTO would lower its previous 4.5 percent forecast for this year.

The recovery in the US and Europe should bring a bounce in international trade, while developing economies will continue to outpace developed economies in terms of GDP, according to the WTO. Trade growth will contribute to the trend, it said.