World Trade Dropped by Nearly 20% in Second Quarter, WTO Says
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- World trade fell by 18.5% in the second quarter of the year as the coronavirus pandemic hit the global economy, the World Trade Organization stated on Monday
- In April, the WTO had warned that a 32% drop was the worst-case scenerio for global trade in the quarter.
- However, the WTO Director-General Roberto Azevêdo said the policy decisions taken by various governments in response to the pandemic was vital in limiting the drop in world trade
- The DG noted that these decisions must be sustained in the right direction for world trade to rebound
- Azevêdo said the fall in trade is the steepest in history