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Global Trade Progress In Pandemic

Updated: Oct 24, 2021

By Md. Wahiduz Zaman Rimon

The lives and livelihood has greatly been affected by the Covide-19 pandemic. The disruption of economic activities had led to a decrease by 7% of merchandise trade flow in the year 2020. However, people are learning to adapt with it as vaccinations are being provided by the respective governments in order to return the societies back to the pre-pandemic state.

The year 2021 is being known for its recovery from Covide-19 in regards to global trade. In the first quarter of 2021, trade recovery had hit a record high, increasing by 10%, according to UNCTAD’s Global Trade Update released on 19 May. The report stated that East Asian export performance is what led to this strong rebound. “Global trade has recorded a faster recovery from the recession caused by the pandemic than in the last two trade recessions,” said UNCTAD economist Alessandro Nicita, who worked on the report (Nicita 2021). A 16% increase was indicated in the overall forecast for 2021.

In terms of economic development, Bangladesh has made some really impressive progress over the last 5 decades, achieving the status of lower middle income country in 2015. As one of the fastest growing economies in the world, an annual GDP growth rate of 6% has been maintained by Bangladesh since 2011. The Covid-19 pandemic had initially affected the economy and had slowed down the poverty reduction program, but is now gradually recovering its economy. There are still many business entities residing in Bangladesh who are looking for an ease of access in the global trade. If they were introduced to the necessary resources and connections for global trade then the economic progress would speed-up on a national level. There are not many consultancy firms, like MCFG, who focus on helping their clients engage growth globally. With the right products, solutions and partners, MCFG helps organizations grow through trusted networks and international business expertise within Bangladesh and strategic global markets. Global Trade, with the right guidance and connections, are not very far off for business entities.

To know more about business prospects, visit: MCFG

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