GENEVA (AFP) - Global trade growth is expected to plummet by up to a third in 2020 due to the coronavirus pandemic, the World Trade Organisation said Wednesday (April 8), warning that the numbers would be 'ugly'.. Read more at straitstimes.com.
GENEVA - Global trade growth is expected to plummet by up to a third in 2020 due to the coronavirus pandemic, the World Trade Organisation said Wednesday , warning that the numbers would be"ugly".
However, WTO chief Roberto Azevedo warned that the downturn"may well be the deepest economic recession or downturn of our lifetimes". More than half of humanity has been asked to stay at home and economic activity has ground to a virtual standstill in many places. "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," he said.
World commercial services trade fared better last year, with exports in dollar terms rising by two per cent to US$6.03 trillion, but the expansion was far slower than in 2018, when services trade increased by nine percent, said the WTO. "Restrictions on movement and social distancing to slow the spread of the disease mean that labour supply, transport and travel are today directly affected in ways they were not during the financial crisis," it said.
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