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WTO forecasts world trade will drop by up to 32% this year due to COVID-19 pandemic Updated: 2020-04-09 10:09:32 KST

The World Trade Organization predicts global trade could plummet by almost a third due to the coronavirus pandemic, describing the coming pain as comparable to the Great Depression.
During a virtual briefing Wednesday, the head of the WTO said the pandemic has upended the global economy and international trade.
In the WTO's most pessimistic case, the volume of global commerce could drop as much as 32-percent this year, but with the possibility of rebounding 24-percent in 2021.
A 32-percent drop could cause global GDP to shrink by up to 8.8 percent in 2020.
The WTO says keeping markets open to international trade and investment will help economies recover more quickly.
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