2020
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Question
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WTO
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UNICEF
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UNCTAD
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WHO
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Detailed explanation-1: -Impact of the COVID-19 pandemic on trade and development: transitioning to a new normal | UNCTAD.
Detailed explanation-2: -International trade plunged in 2020 but recovered sharply in 2021. While total trade flows are now comfortably above pre-pandemic levels, trade impacts across specific goods, services and trade partners are highly diverse, creating pressures on specific sectors and supply chains.
Detailed explanation-3: -The World Health Organization (WHO) on March 11, 2020, has declared the novel coronavirus (COVID-19) outbreak a global pandemic (1). At a news briefing, WHO Director-General, Dr.
Detailed explanation-4: -International trade allows countries to expand their markets and access goods and services that otherwise may not have been available domestically. As a result of international trade, the market is more competitive. This ultimately results in more competitive pricing and brings a cheaper product home to the consumer.
Detailed explanation-5: -COVID-19 will have an uneven impact on international business. According to the International Monetary Fund’s latest estimates1, the world’s real GDP grew by 2.8 per cent in 2019, contracted by 3.3 per cent in 2020 as a result of the COVID-19 pandemic, and is expected to grow by 6 per cent in 2021.