Global merchandise trade fell by a record amount in the first months of the year due to the COVID-19 pandemic, but stopped short of a worst-case scenario, the World Trade Organization (WTO) said on Tuesday.
The Geneva-based body forecast in April that global trade in goods would fall by between 13% and 32% in 2020, numbers that the WTO chief described as “ugly”, before rebounding by 21-24% in 2021.
The WTO did not set new figures on Tuesday, but said rapid responses by governments meant its pessimistic scenario for this year was unlikely.
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