The World Trade Organization (WTO) World Trade Index fell to its lowest level since the indicator was launched four years earlier. In May, the barometer reached record low values, dropping from 95.5 in February this year to a value of 87.6 - well below the baseline of 100.
The production and sale of cars suffered the most - the index in this category dropped to 79.7. Export figures fell to 83.3, container shipments - to 88.5 and air traffic - up to 88. Slightly less affected indexes of electronic components and agriculture, which fell to 94 and 95.7, respectively, according to data of the WTO.
The WTO predicts a record decline in world trade in the first half of this year. According to the results of 2020, world trade in goods may decrease by 13–32%, depending on the duration of the pandemic and measures of economic support from the states. A slowdown in economic growth was recorded even before the coronavirus pandemic - at the end of last year, WTO trade statistics showed a 0.1% decline last year. This was the first drop in economic activity in the last ten years after the global crisis of 2008-2009.
Earlier, the International Monetary Fund (IMF) announced that it will take more time to recover from the economic crisis this year than originally projected. Previously, it was assumed that the crisis would become the most significant after the Great Depression, but current indicators of economic activity suggest that everything will be even worse. The World Bank predicts that after the coronacrisis, up to 60 million people will be destitute. Losses of the global economy this year may exceed $ 4.2 trillion, which is comparable in volume to the volumes of the economies of Germany and Belgium combined, and higher than the entire economy of South Asia.