G20 close to consensus on all 5 trade, investment issues despite Russia shadow, says Goyal thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
WTO Steps Back from the Abyss of Irrelevance… but Crucial Issues Remain Unresolved cato.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cato.org Daily Mail and Mail on Sunday newspapers.
New estimates from the World Trade Organisation (WTO) have shown that the volume of world merchandise trade is expected to increase by eight per cent in 2021, having fallen 5.3 in 2020, continuing its rebound from the pandemic-induced collapse that bottomed out in the second quarter of last year.
The WTO estimates showed that prospects for a quick recovery in world trade have improved as merchandise trade expanded more rapidly than expected in the second half of last year. x
The estimates showed that trade growth should then slow to 4.0% in 2022, even though the effects of the pandemic will continue to be felt as this pace of expansion would still leave trade below its pre-pandemic trend.
The future of global trade – in 7 charts
Global trade is ready for a strong but uneven recovery after the shock of the pandemic, according to the World Trade Organization (WTO).
In its trade statistics and trade forecast 2021, the WTO estimates world trade in merchandise, or goods, will grow 8% in volume in 2021, after falling 5.3% in 2020.
“Ramping up production of vaccines will allow businesses and schools to reopen more quickly and help economies get back on their feet,” said WTO Director-General Ngozi Okonjo Iweala.
The following seven charts explore the data in more detail.
If vaccine production and distribution accelerates, global output – GDP – would add about 1 percentage point in 2021. The volume of world trade in merchandise would also grow by about 2.5 percentage points, and trade would return to pre-pandemic levels by the last three months of the year. This is the upside scenario.