Global Trade Set To Shrink 18.5% In Q2, Defying Worst Fears – WTO
Global trade is expected to drop around 18.5 percent year-on-year in the second quarter of 2020 in a huge coronavirus-driven plunge which nonetheless could have been much worse, the WTO said Tuesday.
The global trade body said that in the first quarter, the volume of merchandise trade shrank by three percent year‑on‑year. “The fall in trade we are now seeing is historically large — in fact, it would be the steepest on record. But there is an important silver lining here — it could have been much worse,” said outgoing WTO director-general Roberto Azevedo.In its annual trade forecast issued on April 20, the WTO forecast volumes would contract by between 13 percent at best and 32 percent at worst in 2020.
“However, looking ahead to 2021, adverse developments, including a second wave of COVID‑19 outbreaks, weaker than expected economic growth, or widespread recourse to trade restrictions, could see trade expansion fall short of earlier projections.”
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Issa Aremu: Global Union calls for Africa’s reindustrialisation for jobsIndustriALL Global Union, IGU, through its Africa’s Vice President, Issa Aremu, seeks Africa's reindustrialisation to save jobs, investment
Read more »
S&P Global affirms AfDB’s AAA rating, with stable outlookRatings agency S&P Global has affirmed its ‘AAA/A-1+’ long- and short-term issuer credit assessment of the African Development Bank (AfDB) with a stable outlook. The rating agency positively as…
Read more »
Lobi Stars, Club Owners trade words over league cancellationAt the moment, there is no love lost between Lobi Stars football club of Makurdi and the NPFL Club Owners Association over the decision to end the 2019/2020 season using the Point Per Game, PPG, me…
Read more »
WTO has disappointed in notable trade agreements, says Okonjo-IwealaNgozi Okonjo-Iweala, Nigeria’s candidate for the position of the Director-General of the World Trade Organisation (WTO), has said that the organisation “delivered disappointingly” in major trade agreements.
Read more »