The World Trade Organization (WTO) Wednesday forecast up to 32% fall in the global trade this year as the coronavirus pandemic disrupts regular economic activity.
Addressing a virtual news conference, the WTO Director General Roberto Azevedo said: “COVID-19 has completely upended the global economy and, with it, international trade.”
“Our economists see the volume of global merchandise trade falling by 13% this year compared to 2019. If the pandemic is not brought under control and governments fail to implement and coordinate effective policy responses, the decline could be 32% or even more,” he said.
The pandemic, Azevedo said, is