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WTO revised its Global Trade Projection for 2021 To 8%

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WTO revises upwards trade growth forecast for 2021 to 8 pcOn March 31, 2021, the World Trade Organisation(WTO), the multilateral trade body in its Trade forecast, revised its global merchandise trade volume growth for 2021 to 8% from the earlier forecast of 7.2% in October 2020.

  • WTO reported a 5.3% decline in global trade in 2020.
  • As the effects of COVID-19 in trade were continuing, WTO expected the trade growth to be 4% in 2022.

Key points about the Forecast:

  • The World GDP at market exchange rates was forecasted to increase by 5.1% in 2021 and 3.8% in 2022, after its contraction by 3.8%(-3.8%) in 2020.
  • Asia: In 2020, WTO expected Asia’s export volume to be increased by 0.3% and import volume decreased by 1.3% whereas for 2021 the exports are expected to grow by 8.4%.
  • India: WTO reported a future growth in India’s exports as the top export markets of India such as North America and the European Union(EU) have increased their imports demand by 11.4% and 8%.
  • Goods exports in India for FY21 was about 8-10% which was lower than FY20’s value of $314 billion.

Merchandise Trade Volume report by WTO:

2019 2020 2021 2022
 Annual % of World Merchandise Trade volume  

0.2

 

-5.3

 

8.0

 

4.0

Recent Related News:

On 15th February 2021, NgoziOkonjo-Iweala from Nigeria was appointed as the 7th Director-General of WTO. She will hold the position from 1st March 2021 to 31st August 2025. She succeeds former Director-General Roberto Azevêdo who announced his retirement 1 year before the expiry of his tenure.

About World Trade Organisation(WTO):

  • WTO deals with the global rules of trade between the countries.

Headquarters – Geneva, Switzerland
Establishment – 1 January 1995
Created by – Uruguay Round negotiations (1986-94)
Director-General – NgoziOkonjo-Iweala
Members – 164