Global trade could drop by third: WTO
According to the World Trade Organisation, global trade is expected to drop between 13% and 32% this year due to the coronavirus pandemic – dealing a bigger blow to international commerce than the 2008 financial crisis. The WTO predicts a rebound in global goods trade of between 21% and 24% in 2021, while noting the exact figure will depend on the duration of the virus outbreak and the success of policy responses. Meanwhile, the International Monetary Fund has doubled its emergency loan capacity and forecasts that the pandemic will produce the worst recession since the Great Depression this year.