The ongoing COVID-19 crisis has had a severely negative impact on global trade. Governments around the world are not only focused on saving lives but are also making efforts to keep the economy running in order to ensure that livelihoods are not impacted. The pandemic has forced borders to be sealed and businesses to shut down, while shipping delays have continued to mount. However, despite such challenges, international trade has managed to show resilience to a certain degree, which is an encouraging sign. So how long will it take until the international trade industry can make a full recovery from the effects of the COVID-19 crisis?
The Trade Industry’s Recovery from COVID-19
The onset of the pandemic, coupled with the subsequent lockdowns, has resulted in significant damages for the trade industry since the beginning of 2020. Importers and exporters around the world faced the heat as they tried to balance business with saving lives. However, in recent months, there have been more than a few encouraging signs. Governments around the world have realized that they must keep trade flowing to protect their respective economies. This has lead global leaders to spring into action, who are now looking to remove barriers such as tariffs and restrictions.
Therefore, it is likely that the global trade industry will recover from the crisis sooner than what many had initially predicted. According to industry experts, this recovery will likely be complete by the end of 2022. The rise in COVID-19 cases will significantly decrease once more people get vaccinated, allowing traders to trade more freely. Since mass vaccination is still a significant challenge, it is fair to say that this scenario will likely take up to two years, allowing the trade industry to recover before 2023.
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