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The contraction in developed countries will be particularly severe with exports falling by 10 percent this year, according to the annual global trade assessment report.
In developing countries, which are far more dependent on trade for growth, exports will shrink by some 2-3 percent in 2009, WTO economists said in the report.
According to the report, signs of the sharp deterioration in trade were evident in the latter part of 2008 as demand sagged and production slowed.
Although world trade grew by 2 percent in volume terms for the whole of 2008, it tapered off in the last six months and was well down on the 6-percent volume increase posted in 2007.
"Trade can be a potent tool in lifting the world from these economic doldrums," WTO Director-general Pascal Lamy said in a statement.
"In London G20 leaders will have a unique opportunity to unite in moving from pledges to action and refrain from any further protectionist measure which will render global recovery efforts less effective," Lamy said, referring to the upcoming Group of 20 summit scheduled for early April.