“The rise in the barometer reflects both the strength of current trade expansion and the depth of the pandemic-induced shock in 2020.”
The Covid-19 pandemic last year upset the global supply chain as the markets worldwide had to shut down and close their operations. Comparatively, now, better scenes are unfolding. One of the factors responsible for ensuring smooth recovery of market growth is sudden dependence on online shopping. In other words, people resort to shopping online to keep the virus spread at bay.
As a result, the World Trade Organization Wednesday confirms that its global goods barometer hit a record high. The deep shock markets experienced during the lockdown has been undone successfully, confirms the organization.
According to a Reuters report, the barometer rose to 110.6 points, the highest since 2016. As mentioned above, a large chunk of the world population buys online played a vital role, pushing the number high. Even most of the countries have lifted the lockdown restrictions; it appears that people worldwide continue to order goods from their living rooms.
“The rise in the barometer reflects both the strength of current trade expansion and the depth of the pandemic-induced shock in 2020,” the WTO said on its website.
As the numbers confirm that the markets are booming, there continue to be several hidden factors that continue to play spoilsport.