Global trade growth is expected to plummet by up to a third in 2020 due to the coronavirus pandemic, the World Trade Organization said Wednesday, ...
GENEVA: Global trade growth is expected to plummet by up to a third in 2020 due to the coronavirus pandemic, the World Trade Organization said on Wednesday , warning that the numbers would be"ugly".
In its main annual forecast, the 164-member WTO pointed out that trade had already been slowing in 2019, before the emergence of the novel coronavirus. "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.Before the current crisis, trade tensions, uncertainty and slowing economic growth weighed on global merchandise trade, which registered a slight decline of 0.1 per cent in 2019 after rising 2.9 per cent a year earlier.
But the situation has taken a dramatic turn since the new coronavirus first emerged in China late last year.
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