COVID-19 pandemic has changed the nature and way trade will evolve. The effect on trade is already noticeable. A supply shock as China closed its factories was noticed with container ships sailing from China being blanked (suspended). As this shock lessened a demand shock started with shops across Asia, Europe, and the US closing their doors. Economists are comparing the lockdowns with the financial crises of 2008-2009 and the great depression of the 1930’s. The World Trade Organization (WTO) has predicted that world trade is going to fall between 13 to 32%. The global institutions are trying their best to mitigate the impact of the pandemic on the world economy. Many countries are focusing their efforts on restarting their businesses and protecting their vital and essential supplies during this and future pandemics. Policymakers are already turning their minds to seek long- term lessons from the pandemic. They have looked deeply into[...]
Posted by : Sajith Sreedharan on July 21st, 2020 in Gen Next
Designation : Managing Director