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The WTO today issued its trade forecast for 2020. Our economists foresee a steep decline in global trade in 2020 in all regions and sectors, as the #COVID19 pandemic upends the global economy. #WTOforecast (1/8) https://www.wto.org/english/news_e/pres20_e/pr855_e.htm">https://www.wto.org/english/n...
The health crisis is increasingly also a social and economic crisis. Millions of people have already lost jobs and income – including in developing countries with weak social safety nets. #WTOforecast (2/8)
Our economists have developed two plausible scenarios, one optimistic and one pessimistic, based on different assumptions about the duration of the pandemic and the economic policy response. To see the projections, read the #WTOforecast: https://www.wto.org/english/news_e/pres20_e/pr855_e.htm">https://www.wto.org/english/n... (3/8)
The projections are, in a word, ugly – reminiscent of 2008 or even the 1930s. That& #39;s why we must remember that this crisis is fundamentally different in nature from those earlier ones. A rapid, vigorous rebound is possible. #WTOforecast (4/8)
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. #WTOforecast (5/8)
Keeping markets open to international trade would help lay the foundation for a strong and socially inclusive recovery. A turn towards protectionism would introduce new shocks on top of the ones businesses and households are now enduring. #WTOforecast (6/8)
Trade – and international coordination more generally – will help us recover from this recession. If countries work together, we will see a much faster recovery than if each country goes it alone. The WTO stands ready to support those efforts. #WTOforecast (7/8)
The WTO’s full forecast for trade in 2020 and 2021, as well as figures for 2019, is available here: https://www.wto.org/english/news_e/pres20_e/pr855_e.htm">https://www.wto.org/english/n... #WTOforecast (8/8)
