BRUSSELS : The World Trade Organization on Wednesday forecast that goods trade would shrink more steeply this year than in the global financial crisis a decade ago before rebounding in 2021 as the COVID-19 pandemic recedes - if countries worked together.
The WTO said global trade would fall this year by between 13% and 32%, giving a wide range because so much about the economic impact of the health crisis was uncertain. "These numbers are ugly – there is no getting around that," WTO Director-General Roberto Azevedo said in a statement. "But a rapid, vigorous rebound is possible.
Decisions taken now will determine the future shape of the recovery and global growth prospects." Keeping markets open and predictable, he said, would be critical