WTO forecasts trade growth at 10.8% in 2021

According to World Trade Organisation (WTO), global trade growth is expected to be 10.8% in 2021, up from its earlier forecast of 8%. Furthermore, WTO forecast expects the goods trade to grow by 4.7% in 2022. According to the international body, semiconductor scarcity, port backlogs, and other supply-side issues might strain the supply chain and impact global trade growth but large impacts from these issues are unlikely.
The WTO said, “The current forecast is close to the upside scenario shown in the last trade forecast, but downside risks now predominate, including strained global supply chains and Covid-19 outbreaks.” Imports of Asia in 2021 are going to increase by 9.4% in 2021, in comparison to 2019. For Least-Developed Countries (LDCs), the imports are expected to fall by 1.6%.