Global trade will rebound in 2021 after showing surprising resilience in 2020 despite the economic challenges posed by the pandemic, according to DMCC’s latest special edition Future of Trade 2021 report titled, “Defying predictions and driving the post-pandemic economic recovery.”
The report released today highlights that global trade will underpin strong global economic growth in 2021 and beyond, with the US and Chinese economies leading the way. This growth has defied expectations of double-digit annual declines, which had been estimated between 13-32% by the World Trade Organisation. For example, Dubai, a major trade hub, saw its foreign trade growth rebound significantly in 2020, despite the economic challenges posed by the COVID-19 pandemic, with the second half of 2020 seeing a particularly strong jump in trade volumes, of 6% year-on-year. Dubai’s overall export values jumped 8% in 2020, on an annual basis.
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