Global Trade Faces Uncertain Future as Pandemic Disrupts Supply Chains
Global trade in goods is expected to decrease by 13-32% in 2020 due to the pandemic. Previous trends like concerns over China, new technology, and environmental issues were already affecting trade. The exit of the UK from the EU and protectionist voices in the EU pose challenges. The US has also raised concerns about unfair trade practices. The pandemic has exposed weaknesses in global supply chains and intensified worries about trading with China. While trade is expected to recover in 2021, it may not reach pre-pandemic levels. The recovery's outcome will depend on various factors.