WTO forecasts trade plunge in 2020, rebound for 2021
The Geneva-based body said that for 2021 it was forecasting a rebound of between 21 percent and 24 percent
The World Trade Organization (WTO) headquarters are pictured in Geneva, Switzerland, July 26, 2018/ Reuters
The World Trade Organization forecast on Wednesday a plunge of global trade in goods this year due to the COVID-19 pandemic before a likely rebound in 2021.
The WTO gave a wide range for the decline this year, of between 13 percent and 32 percent, saying there remained uncertainty about the economic impact of the unprecedented health crisis.
The Geneva-based body said that for 2021 it was forecasting a rebound of between 21 percent and 24 percent, with the outcome depending largely on the duration of the outbreak and the effectiveness of policy responses.
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