WTO sees global trade down 13% due to pandemic
(VOVWORLD) - The World Trade Organization expects global trade to fall 13% this year due to the coronavirus, significantly less than its most pessimistic scenario of a 32% slump.
 WTO headquarters in Geneva, Switzerland (Photo: Xinhua/VNA) |
WTO chief Roberto Azevedo said on Tuesday that there is growing concern within the WTO about countries moving toward self-sufficiency as a response to the pandemic. Concentrating production in a country exposes it to a wide range of shocks. Nations should diversify sources of supply, and the COVID-19 pandemic will see global value chains reconfigured in the coming years, Azevedo said.
The WTO is struggling to rein in global trade tensions and coordinate responses to the COVID-19 pandemic.