ToolTip PluginAdvertisers

WTO sees "ugly" trade plunge worse than in financial crisis (Reuters)


Original Creation Date: 
Wednesday, April 8, 2020
End Date: Friday, December 31, 9999
Last Modified: Friday, April 10, 2020



Extracted Text (if PDF):
WTO sees "ugly" trade plunge worse than in financial crisis (Reuters)
WTO sees "ugly" trade plunge worse than in financial crisis (Reuters)
Last Modified: 03:06 PM, Wed Apr 08, 2020

By Philip Blenkinsop

08 April 2020

Word Count: 428

BRUSSELS (Reuters) - The World Trade Organization on Wednesday forecast that goods trade would shrink more steeply this year than in the global financial crisis a decade ago before rebounding in 2021 as the COVID-19 pandemic recedes - if countries worked together.


The WTO said global trade would fall this year by between 13% and 32%, giving a wide range because so much about the economic impact of the health crisis was uncertain. At the height of the financial crisis in 2009, trade dropped 12.5%.


"These numbers are ugly and there is no way around that," WTO Director-General Roberto Azevedo told a news conference.


Comparisons with the financial crisis and even the Great Depression of the 1930s were inevitable, he said. However, unlike then, banks were not short of capital and the economic engine was in decent shape.


"The pandemic cut the fuel line to the engine. If the fuel line is reconnected properly, a rapid and vigorous rebound is possible," he continued.


Countries working together would see a faster recovery than if each country acted alone, while monetary, fiscal and trade policy all need to go in the same direction. A turn to protectionism would create new shocks, he said.


Trade tensions, notably between the United States and China, led to a 0.1% decline in global goods trade last year.


A number of national leaders have said the crisis and an acute shortage of medical supplies means production should be brought home. Azevedo said no country would really become fully self-sufficient and that the answer was to diversify so that supplies came from more than a single region or player.


The Geneva-based WTO said that for 2021 it was forecasting a rebound in global goods trade of between 21% and 24%, depending largely on the duration of the coronavirus outbreak and the effectiveness of policy responses.


This year, nearly all regions would suffer double-digit percentage declines in trade, with exports from North America and Asia the hardest hit. Sectors with complex value chains, such as electronics and automotive products, would also see steeper falls.


Services are not included in the WTO's forecast, but the WTO said trade in this area may be hit hardest by COVID-19 because of transport and travel restrictions, with knock-on effects for goods.

Powered by InfoDesk
RIS
InfoDesk Inc
Article Info
Creditline: Reuters
Slugline: TRADE-WTO/ (UPDATE 2, PIX, TV)


Extracted HTML from File (if Word):

This is news coming in via RDF/XML

Additional Information Added (if Keywords or HTML):

a3b107a5-26f9-41f2-b970-8c2620facf70, fe910b4c-9a3b-4e6a-89e3-e7cd97501952, e3e4e001-7e95-40cb-ae0e-5fbcf2eb7cf4, e759a486-c101-458c-bf26-5738979f6d01, 6784dd17-ac3d-429b-aaa9-2ecbc7ed60f0, f7ae7acf-d46a-4056-954c-197ef2191d43, e8da69df-6bbc-4d0a-8fc2-06f1be29dbd1, cbadc51b-ab7a-41d6-a912-5161848c8811, 3c9c04f4-43ef-4657-b28c-1ac2ced5bf28, 0e147758-c26f-4b33-a837-94e4a1135d66, 42b72c24-7b79-4377-87d7-abbb66e51106, 9b1a1c1c-798e-407d-8bc9-9ee1c62f0939, aed9c09b-551d-49f0-99d3-e97e26be8e65, fcda1dd7-66f0-4e2c-ac1a-f1693e8181b2  

Origin Date of File: 
InfoDesk

File Size (Length) (in kb):

This message contains open source media content that has not been analyzed or edited by the Operations Center. 



Phone Numbers found in File: 


Full Path to File:


Semantic Relevance of Words within this Record :
DataSource: The column 'Attributes' specified in the SEMANTICSIMILARITYTABLE, SEMANTICKEYPHRASETABLE or SEMANTICSIMILARITYDETAILSTABLE function is not full-text indexed with the STATISTICAL_SEMANTICS option. The column must be full-text indexed using the STATISTICAL_SEMANTICS option to be used in this function.


PDF Viewer of File (if PDF)
 

Roles:

Everyone: All Users QC Code Generated for this Record

Staging DataNavigation Staging DataModule WTO sees "ugly" trade plunge worse than in financial crisis (Reuters)Staging
       <b>CROSSWALKS (This Advertisement shows 08 Related Records (From All Modules) - vertical column right (of record view)</b> (The Logic is Filtering by Region, Subject, Program and Glossary)Advertisers
#Set Active Nav - Content TypesAdvertisers
Form JS: Remove max-width on form elements & Autocomplete Off Date PickersAdvertisers
<b>Yellow Highlighting of Module Details View: Keyword Searched Value<b>Advertisers
U.S. State Department Design (CSS and related styles records)Styles AF — African AffairsAudience Advertisers Sponsored Keywords Splash Pages
visual editor / client console / x close editor
Module Designer
Children of this Page
Taxonomy
Dynamic Scripts
Advertising
Site Design & Layout