Global trade contracted for the first time since the financial crisis in 2019
The outbreak of the Wuhan coronavirus may not make things much better, Bloomberg reported, adding that though business activity and manufacturing data have shown signs of progress, the economic fallout of coronavirus erased that positive momentum.
Before the outbreak, there was hope 2020 would look quite different from 2019. The trade war and weakness in German industry had dragged on trade numbers in 2019, Bloomberg reported, after a year of growth in 2018, when trade volumes bumped up 3%. The CPB Netherlands Bureau for Economic Policy Analysis is a Netherlands research outfit that analyzes economic policies' impact on growth, and publishes the World Trade Monitor.
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