The global trade outlook is uncertain
The period 1987-2007 saw a near doubling of the openness of the global economy to trade, but over the past ten years that trend has stopped, as goods trade, in particular, has become more volatile. Europe’s share of global trade is declining rapidly.
The expansion of global trade has brought benefits for producers and consumers, as global supply chains have become more efficient, allowing better products to be produced at lower cost. Due to increasing protectionist tendencies, we can no longer take for granted that these benefits will continue.
Source: Ameco, World Bank; WTO, own calculations