Message of Director-General Roberto Azevêdo on trade outlook 2020
Director-General Roberto Azevêdo notes that the COVID-19 crisis has caused dramatic supply and demand shocks in the world economy, and that these shocks are inevitably causing major disruptions to trade.
WTO economists project that trade will fall steeply in every region of the world and across all sectors of the economy. In an optimistic scenario, the volumes of global trade in goods volumes could tumble by 13% in 2020. If the pandemic is not brought under control, and governments fail to coordinate policy responses, the decline could be 32%, or more.
Two factors will determine the strength of our recovery. One, how quickly the pandemic is brought under control. And two, the policy choices governments make.
Learn more at : wto.org/english/news_e/press20_e/pr855_e.htm