WTO less downbeat on trade for 2020, more muted for 2021

The World Trade Organization said on Tuesday that global merchandise trade would likely fall by less than its worst case scenario this year due to the COVID-19 pandemic, but an expected pick-up in 2021 year could fall short of expectations.

The Geneva-based body in April forecast that global trade in goods would fall by between 13 per cent and 32 per cent in 2020 before rebounding by between 21 per cent and 24 per cent in 2021.