Browsing: decline in world Trade

World Trade to decline by 9.2% in 2020- WTO

The World Trade Organization (WTO) forecasts a decline in the volume of world merchandise by 9.2 per cent in 2020 and 7.2 per cent in 2021.

According to a press lease from the WTO, it said that the estimated are subjects to “an unusually high degree of uncertainty” since they depend on how the government will respond to the pandemic.

This decline is less than WTO’s forecast in April of 12.9 per cent in the optimistic scenario. June and July showed a strong trade scenario which brought some optimistic signs for overall trade growth this year.

According to WTO, in these two months, trade growth was particularly strong in Covid-19 related products which showed trade’s ability to help governments obtain needed supplies.

“Conversely, the forecast for next year is more pessimistic than the previous estimate of 21.3 per cent growth, leaving merchandise trade well below its pre-pandemic trend in 2021” …