Browsing: Covid effects on international trade

pandemic has impacted

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