World trade is recovering faster than expected

The World Trade Organization (WTO) is counting on a rapid recovery after the Corona crisis. This year, global trade will increase by 8.8 percent, said WTO chief Ngozi Okonjo-Iweala. Since the middle of last year, trade has been recovering from the "blow" of the corona pandemic and has thus helped to alleviate the consequences for people, companies and economies. The WTO raised its forecast - in October it had assumed that global trade would grow by 7.2 percent. In the Corona year 2020, global trade had shrunk significantly - but ultimately not as much as feared. The minus was 5.3 percent. "The prospects for a rapid recovery in world trade have improved," declared the WTO. In the second half of 2020, trade in goods grew faster than expected. The reasons for the unexpectedly positive development were the announcement of effective corona vaccines in November, as well as large economic stimulus packages in many countries. According to the WTO, North America in particular is likely to boost demand this year.