Global trade volume to drop by 9.2% in 2020, less severe than expected: WTO
- 4 years ago
WTO, 올해 세계 교역량 -9.2% 전망…4월 예측치보다 개선
The global economy seems to be avoiding the worst-case scenario as the World Trade Organization forecasts the global trade volume to drop less than expected.
The International Monetary Fund also says it's set to revise the global economic outlook for 2020 as the situation is less dire than expected.
Kim Hyo-sun reports.
The WTO forecasts global trade will drop by 9-point-2 percent this year,... revising its earlier forecast.
In April,... the international body predicted the volume of world merchandise trade would plunge by 12-point-9 percent, as the COVID-19 pandemic disrupted normal economic activities globally.
It explained that the revision factors in a slight rebound of trade following the easing of lockdowns in many European nations in June and July.
"GDP is doing worse than expected and the trade decline not as much as expected. Compared to the great financial crisis, trade is being more resilient this time around and particularly in some critical products that are helping to mitigate the effects of COVID."
The WTO added this will be followed by a 7-point-2 percent rise in global trade volume next year,... a slower recovery than it previously expected.
It highlighted that global trade could be negatively affected in the case of a massive second wave of the coronavirus internationally.
The International Monetary Fund also says it will revise this year's global economic outlook as the global economy strengthened more than expected since June.
While speaking at the London School of Economics on Tuesday, the chief of the international body said that the situation is less dire,... adding that the world economy is rebounding from the depths of the crisis.
In June, the IMF predicted that the world economy would contract by 4-point-9 percent following the pandemic,... the sharpest decline since the Great Depression in the 1930s.
However, the international organization explained that a massive 12 trillion U.S. dollars-worth of financial aid helped many countries including the U.S., the Eurozone and China avoid a worst-case scenario and begin recovery.
Forecasting an uneven recovery of the global economy in 2021,... the IMF warned that the crisis is far from over.
Kim Hyo-sun, Arirang News.
The global economy seems to be avoiding the worst-case scenario as the World Trade Organization forecasts the global trade volume to drop less than expected.
The International Monetary Fund also says it's set to revise the global economic outlook for 2020 as the situation is less dire than expected.
Kim Hyo-sun reports.
The WTO forecasts global trade will drop by 9-point-2 percent this year,... revising its earlier forecast.
In April,... the international body predicted the volume of world merchandise trade would plunge by 12-point-9 percent, as the COVID-19 pandemic disrupted normal economic activities globally.
It explained that the revision factors in a slight rebound of trade following the easing of lockdowns in many European nations in June and July.
"GDP is doing worse than expected and the trade decline not as much as expected. Compared to the great financial crisis, trade is being more resilient this time around and particularly in some critical products that are helping to mitigate the effects of COVID."
The WTO added this will be followed by a 7-point-2 percent rise in global trade volume next year,... a slower recovery than it previously expected.
It highlighted that global trade could be negatively affected in the case of a massive second wave of the coronavirus internationally.
The International Monetary Fund also says it will revise this year's global economic outlook as the global economy strengthened more than expected since June.
While speaking at the London School of Economics on Tuesday, the chief of the international body said that the situation is less dire,... adding that the world economy is rebounding from the depths of the crisis.
In June, the IMF predicted that the world economy would contract by 4-point-9 percent following the pandemic,... the sharpest decline since the Great Depression in the 1930s.
However, the international organization explained that a massive 12 trillion U.S. dollars-worth of financial aid helped many countries including the U.S., the Eurozone and China avoid a worst-case scenario and begin recovery.
Forecasting an uneven recovery of the global economy in 2021,... the IMF warned that the crisis is far from over.
Kim Hyo-sun, Arirang News.