World trade may decline by 32% in 2020 due to coronavirus – WTO

Monitoring Desk

WASHINGTON: World trade could decrease by as much as 32 percent this year as a result of the new coronavirus (COVID-19) pandemic, the World Trade Organisation (WTO) said in a new report on Wednesday.

The WTO warned that the pandemic will severely affect the global trade.

“World trade is expected to fall by between 13% and 32% in 2020 as the COVID-19 pandemic disrupts normal economic activity and life around the world”, the report said.

Meanwhile, WTO Director-General Roberto Azevedo noted the decline was “ugly”, but the situation might get better next year if the pandemic ends soon.

Stocks on most markets have plunged and industries are facing numerous predicaments due to severe quarantine measures, introduced by most countries over the past few months, as almost 1,500,000 people have been diagnosed with the coronavirus.

Over 83,000 of them have died, but more than 300,000 have recovered from the disease.

The United States remains the country most affected, with over 360,000 confirmed cases, while Italy has the highest death toll – 17,129 fatalities, according to the World Health Organisation. (Sputnik)