Strong Recovery in Global Trade(2)


This round of trade growth is related to the accelerated recovery of the global economy from the epidemic crisis. Due to the acceleration of vaccination progress and the introduction of large-scale economic stimulus policies in Europe and the United States, a few major economies are recovering strongly, and many international organizations and institutions have raised their expectations for world economic growth.

In its latest report, the World Bank predicts that the global economic growth rate will reach 5.6% in 2021, ushering in the strongest recovery in 80 years. The International Monetary Fund (IMF) is more optimistic in its judgment, believing that the world economy will grow by 6% this year, up 0.5% from the January forecast.

Rising commodity prices are also one of the reasons for the surge in trade volume. The latest quotation shows that the price of light crude oil futures for July delivery on the New York Mercantile Exchange has reached US$72.15 per barrel.

It is worth noting that measures to further boost trade are already "on the way." For example, the 27th APEC Trade Ministers' Meeting issued a joint statement, clarifying that it will maintain an open trade environment, carry out trade facilitation and cooperation in the service industry, and strengthen cooperation in smooth trade. The statement also stated that priority should be given to identifying and eventually considering the removal of unnecessary barriers in the service trade area.

Analysts believe that with the strengthening of global demand, major developed economies loosen controls on the flow of people and logistics, accelerate opening up, and the trend of high trade growth will continue.

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