Worldwide trade has recovered faster than anticipated in 2021 with the World Trade Organization (WTO) forecasting global trade to rise 10.8% in 2021, a 2.8% increase from the 8% forecast in March of this year and 4.7% growth by 2022.
The forecast of 4.7% trade growth in 2022 is higher than its original forecast of 4% growth, according to the WTO.
The intergovernmental organization did report that due to the lagging of vaccination rates, less wealthy nations could not pounce on the increased opportunity for the demand for certain goods.
WTO Director-General Ngozi Okonjo-Iweala said that vaccine inequalities are worsening already-existing disparities between regions.
“This is necessary to sustain the global economic recovery,” Ngozi said. “Vaccine policy is economic policy — and trade policy.”
There has been an ongoing discussion of an international coalition of wealthy nations to supply these countries with the vaccine in order to resolve the economic issue as a result of the COVID-19 lockdowns.
Over 6 billion doses of the vaccine have been developed and provided to the worldwide population; however, only 2.2% of people in low-income countries have received at least one dose, according to the WTO,