How the pandemic has impacted international trade

0

Before the economic shock of COVID-19, world merchandise trade in 2019 was already slowing down due to trade tensions and decelerating economic growth.   According to the World Trade Organization (WTO), “the dollar value of world merchandise exports in 2019 fell by 3% to US$18.89 trillion”. Overall, world trade is expected to continue falling and will range between 13% and 32% in 2020, as the health crisis continues to disrupt world economies.  In addition to the economic disruption, so far, Coronavirus has left more than 200,000 people dead across the world, more than the fatalities recorded in the World War 11, as observed by the UN Secretary-General, Antonio Gueterres. The effects of the ‘Great Lockdown’ as perceived by the International Monetary Fund (IMF), is far beyond the effects of the 1930s Great Depression. With exception of businesses dealing in pharmaceuticals, life-saving amenities and protective apparatus, most domestic and international trade has been mired by the crisis.   Mitigation measures derailing the economy  In Africa, the pandemic has forced governments to implement measures to mitigate the spread of the virus. Across the world, governments have differed in ways to alleviate the impact of the pandemic while ensuring that the economic effects are minimal. Measures put in place, while they reduce the spread of

Subscribe to unlock this article

Login to read this article for free and get 3 free premium articles. Subscribe today for unlimited premium articles and more.

Digital Subscription – Monthly

Monthly renewing
You can cancel anytime.

$5 /Monthly

Digital Subscription – Annually

Monthly renewing
You can cancel anytime.

$40 /Annually

We hope you enjoyed your last Free Premium Article

Support Quality African Journalism and subscribe for less than $4.00 per month for unlimited access.

ACCESS YOUR
INSIGHT
INTO AFRICA

We hope you enjoyed your third Free Premium Article

Support Quality African Journalism and subscribe for less than $4.00 per month for unlimited access.

3 OUT OF 3
FREE ARTICLES FOR THIS MONTH

We hope you enjoyed your second Free Premium Article

Support Quality African Journalism and subscribe for less than $4.00 per month for unlimited access.

2 OUT OF 3
FREE ARTICLES FOR THIS MONTH

We hope you enjoyed your first Free Premium Article

Support Quality African Journalism and subscribe for less than $4.00 per month for unlimited access.

1 OUT OF 3
FREE ARTICLES FOR THIS MONTH