DMCC’s latest feature, Defying Predictions and Driving Post Pandemic Economic Recovery, unravels global trade predictions for 2021 in a positive manner. The article explains the surprising resilience through the 2020 year despite challenged by the global pandemic.
The report highlighted two key global and regional takeaways, first, global trade will underpin strong global economic growth in 2021 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 Organization. Second, Dubai, a major trade hub, saw its foreign trade growth rebound significantly in 2020, despite the economic challenges posed by the COVID-19 pandemic. The second half of 2020 seeing a particularly strong jump in volumes of 6% year-on-year. Dubai’s overall export values jumped 8% in 2020, on an annual basis.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, said, “In 2020, the outlook for global trade was bleak as the world sought to grapple with the impact of the pandemic. Today, the picture is much more positive, as evidenced by the findings of our latest Special Edition Future of Trade – 2021 report. But while global trade has shown its resilience, it is simultaneously in the midst of profound change. Technology, changing consumer behaviors, the drive to combat climate change, and geopolitics will all be key contributors to its reshaping in the years ahead. In this context, our research puts forward several tangible recommendations to governments and businesses seeking to navigate this new landscape and accelerate the recovery from the pandemic.”
To read the full article from Global Trade Magazine, please click here.