Global trade defies expectations in 2021 and drives recovery: Report

AdobeStock 300686246Global trade will rebound in 2021 after showing surprising resilience in 2020 despite the economic challenges posed by the pandemic, according to DMCC’s latest special edition Future of Trade 2021 report

The report titled, ‘Defying predictions and driving the post-pandemic economic recovery’, released highlights that global trade will underpin strong global economic growth in 2021 and beyond, with the US and Chinese economies leading the way.

This growth has defied expectations of double-digit annual declines, which had been estimated between 13-32% by the World Trade Organisation.

For example, Dubai, a major trade hub, saw its foreign trade growth rebound significantly in 2020, despite the economic challenges posed by the COVID-19 pandemic, with the second half of 2020 seeing a particularly strong jump in trade volumes, of 6% year-on-year. Dubai’s overall export values jumped 8% in 2020, on an annual basis. 

Ahmed Bin Sulayem, executive chairman and CEO, DMCC, said, “In 2020, the outlook for global trade was bleak as the world sought to grapple with the impact of the pandemic.

“Today, the picture is much more positive, as evidenced by the findings of our latest Special Edition Future of Trade – 2021 report. But while global trade has shown its resilience, it is simultaneously in the midst of profound change.

“Technology, changing consumer behaviours, the drive to combat climate change, and geopolitics will all be key contributors to its reshaping in the years ahead. In this context, our research puts forward a number of tangible recommendations to governments and businesses seeking to navigate this new landscape and accelerate the recovery from the pandemic.”

Alain Charles Publishing, University House, 11-13 Lower Grosvenor Place, London, SW1W 0EX, UK
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