Riyadh Book Fair: Visitors have free entry, need online registration    MISA signs MoUs with French research, educational entities    KSrelief holds training program on COVID-19 treatment in Aden    Prince Faisal, US envoy for Iran discuss nuclear program developments    World's largest and tallest observation wheel celebrates Saudi National Day    SAMF achieves world record for largest brick built F1 car    COVID-19 deaths stay below the 100-mark for two straight weeks    Saudi Automobile and Motorcycle Federation unveils largest Formula 1 car model    Head of Libyan Presidency Council announces plan to hold international conference    Iraqi president warns against complacency in the fight against terrorism    UNICEF: Haiti children vulnerable to violence, poverty and displacement    UNWTO regional director hails Saudi Arabia's active role in global organizations    EU proposes common charger for electronic devices    Support developing countries with climate mitigation: Bosnia and Herzegovina    Winter crisis looms for Europe as energy prices soar    Saudis, expats mourn death of prominent Filipino preacher in Riyadh    Sex and the City star Willie Garson dies aged 57    Saudi Arabia observes Alzheimer's Day with rest of world    Al Burj, Chinar, CSG, Kashmir Stags, ARM, Pak Zalmi record big wins in Kanoo League    Four million Indians suffer from obstructive sleep apnea, conference told    Saudi International, Asian Tour confirm historic partnership    Bollywood actor Sidharth Shukla dies at 40    Custodian of the Two Holy Mosques Directs KSrelief to Urgently Provide Malaysia with Medical, Preventive Equipment and Supplies to Address COVID-19 Pandemic    Custodian of the Two Holy Mosques Congratulates President of Maldives on Independence Day    Weather Forecast for Sunday    RSNF Commander Patronizes Ceremonial Launching of His Majesty's Ship "Jazan"    OIC Condemns Houthi Attempts to Target Civilians in Saudi Arabia    Philippines evacuates thousands as monsoon rains flood cities, provinces    Heavy rain in India triggers floods, landslides; at least 125 dead    U.S. Records 64,321 New Infections of Coronavirus    Without Fans, Tokyo Olympics Kicked Off    Pilgrims Perform Dhuhr and Asr Prayers at Arafat Holy Site    Dr. Mohammed Sulaiman Al-Jasser, Saudi Arabia's Pick to Chair IsDB Group for the next five years, unanimously approved by BoG Committee of Procedures    Saudi Press: Fitch affirms Saudi Credit Rating at "A" with a revised outlook to stable from negative    Handled Cargo at Saudi Ports Increases during June 2021    SDAIA, DARP & STC Launch Pilgrim's Smart Bracelet (NUSK)    Tabuk sculptor spends 8 years in carving entire Holy Qur'an on 30 marble slabs    2 Goals by Diaz Gives Colombia 3rd Place at Copa America    Legendary actor Dilip Kumar, 98, passes away, and with him an era    Saudi Cinema Night at Arab World Institute in Paris Kicks Off    KSU Leads Joint International Scientific Project for Early Detection of Breast Cancer    Saudi Arabia to Participate in Cannes Film Festival 2021    Arab Cup U-17 Championship Draw Saudi Arabia, Morocco, Palestine, Kuwait, in the 1st Group    AWI Hosts Saudi Cinema Nights in Paris    Brazil Beats Chile at Copa America Despite 2nd-Half Red Card    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



COVID-19 hits trade in Asia-Pacific, but impact ‘less bad' than elsewhere
Published in The Saudi Gazette on 22 - 12 - 2020

Despite a sharp fall in global trade in 2020 due to the coronavirus pandemic and lingering trade tensions, Asia and the Pacific is expected to perform relatively less badly than the rest of the world, the United Nations development arm in the region said on Tuesday.
Worldwide trade is expected to fall by 14.5 percent in 2020 and following that trend, trade in the region could contract by around 1.9 percent, estimates from the UN Economic and Social Commission for Asia and the Pacific (ESCAP) suggest.
The rest of the world, however, fared worse, and as a result, the region's share in global merchandise export and import is expected to rise to an all-time high in 2020, to 41.8 percent and 38.2 percent respectively, up from 39.9 percent and 36.9 percent a year earlier.
Resilience is key
The UN body also cautioned that the path towards a full trade recovery remains "highly uncertain", with unfavorable macroeconomic conditions in many economies along with high unemployment, debt and deflation, and underlying structural challenges impeding a fast rebound.
Smaller economies face additional obstacles due to the pandemic's impact on travel and tourism, and remittances.
According to Armida Salsiah Alisjahbana, executive secretary of ESCAP, COVID-19's "devastating effect" on both developed and developing economies also risks pushing millions back into poverty.
"I urge countries in the region to work towards developing a better set of trade rules that are resilient in times of crisis and stimulate sustainable economic recovery for inclusive and greener economies."
Investments also hit
Alongside trade, foreign direct investment (FDI) also suffered an "immediate and significant" impact, due to the global crisis.
"While data is still being collected on all forms of FDI, quarterly figures from announced ‘greenfield' investments clearly demonstrate how hard the region has been hit," ESCAP said, referring to investments into projects starting from scratch.
In the first three quarters of 2020, "greenfield" FDI dropped by 40 percent compared to the same period in 2019, depressed primarily by the impact of lockdowns resulting in delayed and canceled projects.
ESCAP added that FDI is expected to remain below pre-crisis levels throughout 2021, with the future outlook "highly uncertain" and dependent on the duration of the crisis, the effectiveness of policies to stimulate investments, and recovery from socio-economic effects of the pandemic.
The trade updates are an annual ESCAP publication to support countries develop short-to-medium term plans to respond to emerging risks and uncertainties in the global and regional economies.
Established in 1947, ESCAP is the largest of the UN's five regional commissions — both in terms of geographic coverage and population served — its membership spans from the Pacific island nation of Kiribati in the east, to Turkey in the west, and Russia in the north, to New Zealand in the south. — UN News


Clic here to read the story from its source.