WTO projects global trade to grow 8% in 2021

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The World Trade Organization (WTO) has revised upwards its projections for world merchandise trade volume for 2021. It said that global trade volume would grow by 8 per cent after having fallen 5.3 per cent in 2020. In October, it had projected a growth of 7.2 for 2021.</p>
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Indian exporters will be particularly happy as import growth for the country’s largest trading partners – US and the EU could grow at 11.4 per cent and 8 per cent respectively.</p>
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"The strong rebound in global trade since the middle of last year has helped soften the blow of the pandemic for people, businesses, and economies," WTO Director-General Ngozi Okonjo‑Iweala said.</p>
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However, she also said that Covid 19 pandemic continues to pose the greatest threat to the outlook for trade as new waves of infection could undermine hopes for recovery.</p>
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“A rapid, global and equitable vaccine roll-out is the best stimulus plan we have for the strong and sustained economic recovery that we all need,” the WTO chief said.</p>
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According to WTO data, China was the world's top exporter last year, accounting for 14.7 per cent of world merchandise trade, and the second-largest importer behind the US with a share of 11.5 per cent.</p>
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The WTO also said that in 2022, trade growth would slow to 4 per cent.</p>
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