GENEVA, SWITZERLAND – World trade shows signs of bouncing back from a deep, COVID-19 induced slump, but World Trade Organization (WTO) economists caution that any recovery could be disrupted by the ongoing pandemic effects. The WTO now forecasts a 9.2 percent decline in the volume of world merchandise trade for 2020, followed by a 7.2 percent increase in 2021. These estimates are subject to an unusually high degree of uncertainty since they depend on the evolution of the pandemic and government responses to it. The announcement was made earlier this week at a press conference in Geneva.
(SOURCE: All Ag News)