The World Trade Organization warns this 'may well be the deepest economic recession or downturn of our lifetimes.' coronavirus
, is expected to register"double-digit declines in trade volumes" in nearly all regions this year, the WTO said.
"The unavoidable declines in trade and output will have painful consequences for households and businesses, on top of the human suffering caused by the disease itself," he said.Before the current crisis, trade tensions, uncertainty, and slowing economic growth weighed on global merchandise trade, which registered a slight decline of 0.1% in 2019 after rising 2.9% a year earlier.World commercial services trade fared better last year, with exports in dollar terms rising by 2% to $6.
The WTO said that while the global shock might invite comparisons to the financial crisis of 2008-2009, the situation now was worse. "Whole sectors of national economies have been shut down, including hotels, restaurants, non-essential retail trade, tourism, and significant shares of manufacturing."An optimistic outlook posits that a sharp drop in trade will be followed by a recovery starting in the 2nd half of 2020, said the organization.
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