The publication titled, ‘Trade and Development Report 2020: From Global Pandemic to Prosperity for All: Avoiding Another Lost Decade,’ finds that the global economy will contract by over 4%, trade will shrink by approximately one-fifth, foreign direct investment will contract up to 40%, and remittances will decrease by over USD 100 billion in 2020. As a result, between 90 million and 120 million people will be “pushed into extreme poverty in the developing world” and close to 300 million people will face food insecurity. The report warns that some regions will be hit harder than others: Latin America is likely to be among those hardest hit, with a drop in output of 7.6% in 2020, with sharp declines in Argentina and Mexico; in contrast, growth in East Asia will remain positive, with China expected to grow at 1.3%.
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