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Global trade to take major hit this year with Covid-19 resurgence threatening more damage – UN report

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FILE PHOTO: A woman poses  in front of the Sydney Opera House, Australia © Reuters / Loren Elliott
Coronavirus costs international tourism three times more than last financial crisis – UN

The recent rebound was supported by strong growth in Chinese exports, as the world’s second largest economy accelerated its recovery from the crisis. China’s outbound shipments rose nearly 10 percent in the third quarter, the UNCTAD said. Overall, the level of Chinese exports for January-September was comparable to that of 2019 over the same period, it added. 

World Trade Organization (WTO) economists have also cautioned that the ongoing pandemic may disrupt economic recovery. While the WTO now forecasts a 9.2 percent decline in the volume of world merchandise trade for 2020, followed by a 7.2 percent rise next year, it says that the figures are “subject to an unusually high degree of uncertainty” due to the pandemic.

For more stories on economy & finance visit RT’s business section

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