{"id":161840,"date":"2020-12-14T07:04:01","date_gmt":"2020-12-14T02:04:01","guid":{"rendered":"https:\/\/leadpakistan.com.pk\/news\/?p=161840"},"modified":"2020-12-14T07:04:01","modified_gmt":"2020-12-14T02:04:01","slug":"global-economy-to-contract-by-5-6pc-this-year-unctad","status":"publish","type":"post","link":"https:\/\/leadpakistan.com.pk\/news\/global-economy-to-contract-by-5-6pc-this-year-unctad\/","title":{"rendered":"Global economy to contract by 5.6pc this year: UNCTAD"},"content":{"rendered":"<p>GENEVA: The volume of global trade is set to face the sharpest decline since the end of the global financial crisis, falling as much as 5.6 percent this year, the UN Conference for Trade and Development (UNCTAD) predicts. The figure, announced by the agency earlier this week, is more optimistic than its previous forecast, which expected global trade to contract by nine percent year-on-year. The previous largest decline was seen in 2009, when global merchandise trade took a 22-percent nosedive. However, the UNCTAD downgraded its forecast for the service sector, which was hit hard by a steep decline in travel, transport and tourism activity during the pandemic. The troubled sector is on path to fall by a staggering 15.4 percent to levels last seen in the 1990s, according to nowcasts \u2013 data-led projections for the immediate future \u2013 from UNCTAD\u2019s 2020 Handbook of Statistics. Even following the previous crisis, services trade was down by less than 10 percent. TLTP<\/p>\n","protected":false},"excerpt":{"rendered":"<p>GENEVA: The volume of global trade is set to face the sharpest decline since the end of the global financial crisis, falling as much as 5.6 percent this year, the UN Conference for Trade and Development (UNCTAD) predicts. The figure, announced by the agency earlier this week, is more optimistic than its previous forecast, which [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-161840","post","type-post","status-publish","format-standard","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Global economy to contract by 5.6pc this year: UNCTAD<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadpakistan.com.pk\/news\/global-economy-to-contract-by-5-6pc-this-year-unctad\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Global economy to contract by 5.6pc this year: UNCTAD\" \/>\n<meta property=\"og:description\" content=\"GENEVA: The volume of global trade is set to face the sharpest decline since the end of the global financial crisis, falling as much as 5.6 percent this year, the UN Conference for Trade and Development (UNCTAD) predicts. 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