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World Trade May Decline by 32% in 2020 Due to Coronavirus Pandemic - WTO

© AP Photo / Richard DrewFinancial Markets Wall Street Download Comp Tag as... Cancel Apply Back to search results3of26,228 results FINANCIAL MARKETS WALL STREET Overview Download now Trader Fred DeMarco, left, works with colleagues in a booth on the floor of the New York Stock Exchange, Thursday, March 22, 2018. Stocks are falling sharply and bond prices are climbing after the Trump administration moved to place tariffs on some goods imported from China and restrict Chinese investment.
Financial Markets Wall Street Download Comp  Tag as... Cancel Apply Back to search results3of26,228 results FINANCIAL MARKETS WALL STREET Overview Download now   Trader Fred DeMarco, left, works with colleagues in a booth on the floor of the New York Stock Exchange, Thursday, March 22, 2018. Stocks are falling sharply and bond prices are climbing after the Trump administration moved to place tariffs on some goods imported from China and restrict Chinese investment.  - Sputnik International
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WASHINGTON, April 8 (Sputnik) - World trade could decrease by as much as 32 percent this year as a result of the new coronavirus (COVID-19) pandemic, the World Trade Organisation (WTO) said in a new report on Wednesday.

The WTO warned that the pandemic will severely affect the global trade.

"World trade is expected to fall by between 13% and 32% in 2020 as the COVID-19 pandemic disrupts normal economic activity and life around the world", the report said.

Meanwhile, WTO Director-General Roberto Azevedo noted the decline was "ugly", but the situation might get better next year if the pandemic ends soon.

© REUTERS / Edgard GarridoAsian markets indices outside a brokerage in Tokyo
World Trade May Decline by 32% in 2020 Due to Coronavirus Pandemic - WTO - Sputnik International
Asian markets indices outside a brokerage in Tokyo
"These numbers are ugly – there is no getting around that. But a rapid, vigorous rebound is possible. Decisions taken now will determine the future shape of the recovery and global growth prospects", he stressed.

Stocks on most markets have plunged and industries are facing numerous predicaments due to severe quarantine measures, introduced by most countries over the past few months, as almost 1,500,000 people have been diagnosed with the coronavirus. Over 83,000 of them have died, but more than 300,000 have recovered from the disease.

The United States remains the country most affected, with over 360,000 confirmed cases, while Italy has the highest death toll - 17,129 fatalities, according to the World Health Organisation.

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