March 31, 20 - 10:18 am - João Paulo Pimentel

WTO warns of contraction of up to 30% in global trade this year

Containers in Port of Valparaiso in Chile
Photo: Creative Commons

The World Trade Organization (WTO) is predicting a “very sharp” decline in global trade, with the new coronavirus pandemic expected to have an “enormous impact” on the economy and on jobs.

Global trade may fall between 5% and 30% this year. Global GDP, by its turn, could see a decline of 5% and 6% in social distancing measures last 3 months in average.