The World Trade Organization (WTO) predicted that goods trade would reduce abruptly this year due to the global financial crisis amid the novel coronavirus.
The WTO forecasted that global trade would fall this year by 13% to 32%. The organization estimated a wide range because of the impacts of a health crisis on the global economy is uncertain.
WTO Director-General Roberto Azevedo said in a statement, “These numbers are ugly – there is no getting around that but a rapid, vigorous rebound is possible. Decisions taken now will determine the future shape of the recovery and global growth prospects.”
She said that countries working together in this global crisis would see a faster recovery than those who will prefer to deal with it on their own. The Geneva-based WTO said, “For 2021 it was forecasting a rebound in global goods trade of between 21% and 24%, depending largely on the duration of the coronavirus outbreak and the effectiveness of policy responses.”
The previous year had ended on a very crucial with a 0.1% decline rate of good trade, which led to trade tension between China and the United States.