WTO hikes 2021 trade growth forecast, but Covid-19 risks linger
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Monday
February 06, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
MONDAY, FEBRUARY 06, 2023
WTO hikes 2021 trade growth forecast, but Covid-19 risks linger

World+Biz

Reuters
31 March, 2021, 09:40 pm
Last modified: 31 March, 2021, 09:42 pm

Related News

  • China calls Washington a 'bully' at WTO trade disputes meeting
  • DAVOS 2023: WTO sticks with 1% projection for growth in global trade
  • WTO postpones decision on Covid-linked patent waiver
  • China calls US 'destroyer' of global trading system at WTO
  • China launches WTO dispute over US chip sanctions

WTO hikes 2021 trade growth forecast, but Covid-19 risks linger

WTO director-general Ngozi Okonjo-Iweala told a news conference on Wednesday that vaccines had given the world a chance of stopping the disease and jump-starting the economy

Reuters
31 March, 2021, 09:40 pm
Last modified: 31 March, 2021, 09:42 pm
A logo is pictured outside the World Trade Organization (WTO) headquarters next to a red traffic light in Geneva, Switzerland, October 2, 2018. Photo:Reuters
A logo is pictured outside the World Trade Organization (WTO) headquarters next to a red traffic light in Geneva, Switzerland, October 2, 2018. Photo:Reuters

The World Trade Organization slightly raised its growth forecast for global goods trade this year, but said the outlook was clouded by risks from the roll-out of coronavirus vaccines and the possible emergence of vaccine-resistant strains.

WTO director-general Ngozi Okonjo-Iweala told a news conference on Wednesday that vaccines had given the world a chance of stopping the disease and jump-starting the economy.

"But this opportunity could be squandered if large numbers of countries and people do not have equal access to vaccines," she told a news conference.

The WTO is forecasting merchandise trade will grow this year by 8.0% after a fall of 5.3% in 2020. That compares with October figures of respectively 7.2% growth and a 9.2% decline. It forecast 4.0% growth in 2022.

The WTO said short-term risks were "firmly on the downside" and centred on pandemic-related factors.

The Geneva-based trade body said accelerated vaccine distribution and faster lockdown easing could add 2.5 percentage points to trade, which would then return to its pre-pandemic trend in the fourth quarter.

However, poor vaccine roll-outs and new variants could lower trade growth by nearly 2 percentage points.

Okonjo-Iweala plans to meet vaccine manufacturers and civil groups in mid-April to understand how vaccine production could be expanded, particularly in emerging markets, and how investment could be spread wider in future.

"I think that for the next pandemic we must not go through this again. No longer can we expect poor countries to stand in a queue waiting to get vaccines," she said.

The WTO chief said there were already signs of regional divergence, with Asian exports in 2021 potentially up 10% from 2019 levels, while shipments from Africa and the Middle East could be down.

Over the medium-to-long term, public debt and deficits could also weigh on economic growth and trade, particularly in highly indebted developing countries.

Last year's decline of trade growth was far less gloomier than previously foreseen. The improvement towards the end of 2020 was partly driven by the announcement of new vaccines at the end of November, boosting confidence.

Global Economy

WTO

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • A man walks past by a collapsed building after an earthquake in Malatya, Turkey February 6, 2023. Depo Photos via REUTERS
    More than 100 dead, dozens trapped under rubble as 7.9 magnitude quake rocks Turkey and Syria
  • LC issues lead to severe shortage of surgical equipment
    LC issues lead to severe shortage of surgical equipment
  • How govt is losing dividend from six listed firms
    How govt is losing dividend from six listed firms

MOST VIEWED

  • Single-use plastic waste rises from 2019-2021 despite pledges
    Single-use plastic waste rises from 2019-2021 despite pledges
  • Photo: Collected
    Indonesia 2022 GDP growth races to 9-year high on strong exports
  • The suspected Chinese spy balloon drifts to the ocean after being shot down off the coast in Surfside Beach, South Carolina, U.S. February 4, 2023. REUTERS/Randall Hill
    US lawmakers clash over Biden's handling of Chinese balloon
  • FILE PHOTO: Airplane is seen in front of Chinese and Taiwanese flags in this illustration, August 6, 2022. REUTERS/Dado Ruvic/Illustration
    Senior Taiwan opposition leader to visit China amid continued tensions
  • FILE PHOTO: Australian Prime Minister Anthony Albanese gives a press conference at the end of the ASEAN summit held in Phnom Penh, Cambodia November 13, 2022. REUTERS/Cindy Liu
    Australia PM pushes for bipartisan support on Indigenous referendum
  • A wildfire burns areas in Los Venados, San Jose de la Mariquina, near Valdivia, Chile, February 5, 2023. REUTERS/Cristobal Saavedra Escobar
    At least 24 dead in Chile as wildfires spread, driving many to flee for safety

Related News

  • China calls Washington a 'bully' at WTO trade disputes meeting
  • DAVOS 2023: WTO sticks with 1% projection for growth in global trade
  • WTO postpones decision on Covid-linked patent waiver
  • China calls US 'destroyer' of global trading system at WTO
  • China launches WTO dispute over US chip sanctions

Features

Photo: Collected

Get your partner a lovely present this Valentine's Day

1h | Brands
Pottery Wheel Craft Kit: A creative outlet for little hands

Pottery Wheel Craft Kit: A creative outlet for little hands

32m | Brands
Say it with Colours

Say it with Colours

1d | Mode
Photo: Courtesy

From 'Made in Bangladesh' to 'Designed in Bangladesh'

1d | Panorama

More Videos from TBS

ICB to withdraw Padma Bank Investment as return

ICB to withdraw Padma Bank Investment as return

16h | TBS Insight
Kiara Advani & Sidharth Malhotra's Wedding Update

Kiara Advani & Sidharth Malhotra's Wedding Update

16h | TBS Entertainment
What you probably didn't know about CR7

What you probably didn't know about CR7

14h | TBS SPORTS
US shoots down Chinese spy balloon

US shoots down Chinese spy balloon

15h | TBS World

Most Read

1
Leepu realised his love for cars from a young age and for the last 40 years, he has transformed, designed and customised hundreds of cars. Photo: Collected
Panorama

'I am not crazy about cars anymore': Nizamuddin Awlia Leepu

2
The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo
Economy

IMF approves $4.7 billion loan for Bangladesh, calls for ambitious reforms

3
Belal Ahmed new acting chairman of SIBL
Banking

Belal Ahmed new acting chairman of SIBL

4
Fund cut as Dhaka's fast-track transit projects on slow spending lane
Infrastructure

Fund cut as Dhaka's fast-track transit projects on slow spending lane

5
Photo: Collected
Startups

ShopUp secures $30m debt financing to boost expansion, supply chain

6
Photo: Courtesy
Panorama

From 'Made in Bangladesh' to 'Designed in Bangladesh'

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]