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Global trade in the post-pandemic environment

Author

Listed:
  • Attinasi, Maria Grazia
  • Boeckelmann, Lukas
  • Hespert, Laura
  • Linzenich, Jan
  • Meunier, Baptiste

Abstract

The pandemic triggered the deepest global recession (albeit short-lived) since the Second World War amid large-scale policy support, and led to a sweeping fall in world trade. Following the initial COVID-19 shock, trade staged a rapid recovery, but from the second half of 2022 world trade growth started to decelerate markedly and in 2023 it is estimated to have been considerably below its pre-pandemic average. This box reviews the factors behind the buoyant recovery of global trade following the initial COVID-19 shock and the reasons for its lacklustre performance in 2023, finding that the latter mainly reflects the unwinding of some specific post-pandemic factors (e.g. the rotation of demand from trade-intensive goods towards services owing to the full relaxation of pandemic containment measures) and a less trade-friendly composition of global activity. JEL Classification: F01, F1, F4

Suggested Citation

  • Attinasi, Maria Grazia & Boeckelmann, Lukas & Hespert, Laura & Linzenich, Jan & Meunier, Baptiste, 2024. "Global trade in the post-pandemic environment," Economic Bulletin Boxes, European Central Bank, vol. 1.
    • Handle: RePEc:ecb:ecbbox:2024:0001:1
    Note: 930374
    as

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    More about this item

    Keywords

    COVID; global economy; International trade;
    All these keywords.

    JEL classification:

    • F01 - International Economics - - General - - - Global Outlook
    • F1 - International Economics - - Trade
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance

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