The World Trade Organization estimates global trade will fall due to pandemic
The World Trade Organization estimates global trade will fall between 13% and 32% this year because of the coronavirus pandemic.
The Geneva-based body, which oversees the rules of trade, says in a report the drop would be worse than during the global financial crisis of 2008-2009.
The wide range in its forecast is due to the unpredictable nature of the pandemic, as it remains uncertain when business will return toward more normal levels. Governments around the world have locked down on business and travel to contain the outbreak, disrupting supply chains.
WTO Director-General Roberto Azevêdo says, “The unavoidable declines in trade and output will have painful consequences for households and businesses, on top of the human suffering caused by the disease itself.
“These numbers are ugly – there is no getting around that. But a rapid, vigorous rebound is possible.”
