There are indications that International trade is set to grow a bit faster this year than previously predicted, this is credited to the World Trade Organization.
WTO Managing Director, Dr. Ngozi Okonjo-Iweala, explained that following the contraction by 5.3% in 2020 and will be expected to pickup much faster at 8% this year.
”Following a sharp decline in the first half of the year, trade recovered more quickly than expected in the second half of 2020. This rebound has continued and the WTO’s baseline trade forecast forsees an 8% increase in the volume of World merchandise tr ade for 2021″, Dr. Okonjo-Iweala said.
“The fact that the Ever Given was able to cause so much disruption is a sign that global merchandise trade is relatively robust and that global supply chains have held up through the pandemic”, Dr. Ngozi Okonjo-Iweala added.
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