The global trade market is under serious threat. During the last year, most economic sectors have faced serious problems. Even the largest sectors such as automobile and energy industries were seriously damaged. Experts at the UN have published their own forecast for the global trade. Thus, they expect a slump of 27% in the second quarter of 2020 and a tumble of 20% by the end of the year.
"Assuming persisting uncertainty, UNCTAD forecast indicates a decline of around 20% for the year 2020," the UN Conference on Trade and Development said in a report. "Trade in the automotive and energy sector collapsed while trade in agri-food products has been stable." A decline in the global GDP is predicted to be the deepest since the record began in 1998. Even during the 2009 crisis, the GDP of the G20 countries slid just by 1.5%. However, the pandemic consequences are much graver. Countries mostly hit by the coronavirus outbreak will suffer heavy losses. Thus, according to economists, China’s GDP will drop by 9.8% while the economies of France and Italy will contract by 5.3%. At the same time, Germany may lose about 2.2% of its GDP and economies of Canada and the UK could shrink by 2.1% and 2% respectively.