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The WTO predicts that it will shrink by 13% to 32% this year

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Time of issue:2020-05-26 09:44
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(Summary description)

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The WTO predicts that it will shrink by 13% to 32% this year

(Summary description)

Categories:NEWS
Author:
Origin:
Time of issue:2020-05-26 09:44
Views:

Information

On the 8th, the World Trade Organization released its annual "Global Trade Data and Outlook" report. The report emphasizes that, considering the uncertainty of the impact of the “unprecedented” epidemic on the global economy, global trade shrinkage this year may exceed the level of the 2008 international financial crisis. It is predicted that global trade will shrink by 13% to 32%.

The report shows that due to trade tensions and slowing economic growth, global cargo trade volume has fallen by 0.1% in 2019. In 2020, basically all regions of the world will experience a double-digit decline in trade volume, of which North American and Asian export trade will be the hardest hit. From the perspective of the industry, the trade shrinkage of the electronics and automobile manufacturing industries will be more serious. The report also emphasized that global trade recovery is still possible in 2021, but there are also uncertainties, and its final performance will depend to a large extent on the duration of the epidemic and the effectiveness of national anti-epidemic policies.