Brasilia, The World Trade Organization (WTO) expects global trade to fall 13% this year due to coronavirus shocks, significantly less than its most pessimistic scenario of a 32% slump, its outgoing chief said on Tuesday.
Speaking in an online event hosted by ICC Brasil and the Brazilian Confederation of Industry, WTO Brazilian Director General Roberto Azevedo said there is growing concern within the WTO about countries moving toward self-sufficiency as a response to the pandemic.
Concentrating production in a country exposes it to a wide range of shocks, Azevedo added.
Nations should diversify sources of supply and the COVID-19 pandemic will see global value chains reconfigured in the coming years, Reuters cited him as concluding.
Source: Saudi Press Agency