World trade may witness a sharp fall due to the COVID-19 crisis and global solutions will be needed to deal with it, according to the World Trade Organisation (WTO), which recently said cross-border trade and investment flows have a role to play in efforts to combat the pandemic, and will be vital for fostering a stronger recovery once the medical emergency subsides.
"Although the report is still a few weeks away, the economists foresee a very sharp decline in trade," WTO director general Roberto Azevedo said in a video message.World trade may witness a sharp fall due to the COVID-19 crisis and global solutions will be needed to deal with it, according to the World Trade Organisation (WTO), which said cross-border trade and investment flows have a role to play in efforts to combat the pandemic,and will be vital for fostering a stronger recovery once the medical emergency subsidies.#
WTO economists are analysing the fallout from the crisis and will report their findings and projections for trade in 2020 and 2021, Azevedo said.
"Once the medical crisis begins to recede, trade will allow countries to help each other grow, bringing faster and stronger economic recovery for all of us. The WTO will do its part," he added.
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