WTO says record trade plunge could have been worse



Philip Blenkinsop | Reuters

Global merchandise trade fell by a record amount in the first months of the year due to the COVID-19 pandemic, but stopped short of a worst-case scenario, the World Trade Organization (WTO) said on Tuesday.

The Geneva-based body forecast in April that global trade in goods would fall by between 13% and 32% in 2020, numbers that the WTO chief described as “ugly”, before rebounding by 21-24% in 2021.

The WTO did not set new figures on Tuesday, but said rapid responses by governments meant its pessimistic scenario for this year was unlikely.

To read the full article, click here