Wto: Global trade volume is expected to decline by 9.2% this year
Global trade in goods is expected to fall 9.2 per cent from 2019, compared with a 12.9 per cent decline forecast in April, according to the revised wto forecast released in Geneva on Tuesday.
But the WTO also said it expected global trade to grow only 7.2 per cent in 2021, well below its previous forecast of a 21.3 per cent rebound.Cross-border trade surged in June and July with the lifting of the epidemic blockade, averting a deeper decline in trade.
The WTO warned that current forecasts could be lowered if the coronavirus outbreak resumes in the fourth quarter or if countries resort to trade protectionism.A slower rebound means global trade will remain below its pre-epidemic trend by the end of 2021, the report said.
The nascent rebound in economic activity over the summer has begun to cool off, with a second wave of infections in parts of Europe and the United States.