“World trade is expected to decline by 13–32% in 2020, as the COVID-19 pandemic disrupts normal economic activity and life around the world,” the document says.
WTO economists believe that the current recession is likely to exceed the scale of trade declines observed during the global financial crisis of 2008-2009.
At the moment, it is difficult to assess the possibility of restoring the level of trade in 2021, since it all depends on the duration of the outbreak of coronavirus and the effectiveness of measures taken by countries.
Earlier, the International Monetary Fund announced the beginning of a recession in the global economy. As the head of the organization Kristalina Georgieva emphasized, because of the coronavirus, the recession may turn out to be worse than the crisis of 2008-2009 and risks turning into massive bankruptcies and rising unemployment.
Pavel Gribov, an associate professor at the Department of Economic Security at RANEPA, in an interview with the FBA “Economics Today,” estimated the consequences of the situation with coronavirus for the global economy.