{"id":81156,"date":"2020-04-08T16:13:36","date_gmt":"2020-04-08T16:13:36","guid":{"rendered":"https:\/\/www.bahamastradeinfo.gov.bs\/buy\/?p=81156"},"modified":"2020-04-09T16:17:53","modified_gmt":"2020-04-09T16:17:53","slug":"trade-set-to-plunge-as-covid-19-pandemic-upends-global-economy","status":"publish","type":"post","link":"https:\/\/www.bahamastradeinfo.gov.bs\/buy\/2020\/04\/08\/trade-set-to-plunge-as-covid-19-pandemic-upends-global-economy\/","title":{"rendered":"Trade Set to Plunge as COVID-19 Pandemic Upends Global Economy"},"content":{"rendered":"<p>The wide range of possibilities for the predicted decline is explained by the unprecedented nature of this health crisis and the uncertainty around its precise economic impact. But WTO economists believe the decline will likely exceed the trade slump brought on by the global financial crisis of\u00a02008\u201109 (Chart 1).<\/p>\n<p>Estimates of the expected recovery in 2021 are equally uncertain, with outcomes depending largely on the duration of the outbreak and the effectiveness of the policy responses.<\/p>\n<p>&#8220;This crisis is first and foremost a health crisis which has forced governments to take unprecedented measures to protect people\u2019s lives,&#8221; WTO Director-General Roberto Azev\u00eado said.<\/p>\n<p>&#8220;The unavoidable declines in trade and output will have painful consequences for households and businesses, on top of the human suffering caused by the disease itself.\u201d<\/p>\n<p>\u201cThe immediate goal is to bring the pandemic under control and mitigate the economic damage to people, companies and countries. But policymakers must start planning for the aftermath of the pandemic,\u201d he said.<\/p>\n<p>\u201cThese numbers are ugly \u2013 there is no getting around that. But a rapid, vigorous rebound is possible. Decisions taken now will determine the future shape of the recovery and global growth prospects. We need to lay the foundations for a strong, sustained and socially inclusive recovery. Trade will be an important ingredient here, along with fiscal and monetary policy. Keeping markets open and predictable, as well as fostering a more generally favourable business environment, will be critical to spur the renewed investment we will need. And if countries work together, we will see a much faster recovery than if each country acts alone.&#8221;<\/p>\n<p><em><strong>Click here to read the WTO release in its entirety:\u00a0<a href=\"https:\/\/bit.ly\/2yO1Q27\" target=\"_blank\" rel=\"noopener\">https:\/\/bit.ly\/2yO1Q27<\/a><\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>World trade is expected to fall by between 13% and 32% in 2020 as the COVID 19 pandemic disrupts normal economic activity and life around the world.<\/p>\n","protected":false},"author":16,"featured_media":81157,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-81156","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.6 - 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