Iran Press/America: According to the UN, World merchandise trade value is forecast to fall about 27 percent in the second quarter as global production and manufacturing output are set to decline 9 percent year-on-year, according to the latest data by the United Nations Conference on Trade and Development (UNCTAD) in a joint report with 36 international organizations. Global trade fell by three percent in the first quarter of the year, compared to the fourth quarter of 2019.
"Covid-19 has turned the world upside down. Everything has been impacted. How we live and interact with each other, how we work and communicate, how we move around and travel," the UN agency said on Wednesday. "Decisions made now and in the coming months will be some of the most important made in generations. They will affect people all around the world for years to come."
The pandemic has disrupted daily life, paralyzed air travel, wiped out at least $17 trillion (Dh62.4tn) from stock markets worldwide and forced governments to introduce economic stimulus packages worth more than $8tn as countries went into lockdown.
The pandemic has been the worst blow to the global economy and trade since the 2008 crisis and the biggest employment decline since the Second World War, delivering an "unprecedented shock" to labor markets.
297,382 people have died so far from the coronavirus COVID-19 outbreak as of May 13.
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