While Covid-19 has shaken trade and trade finance, the industry has the continued activity, support and fundamentals to ride out the storm. The key now is to build on the momentum gathered following the outbreak and build out the framework for the industry’s long-term digital evolution, explains Deutsche Bank’s Russell Brown
The year 2020 has not panned out quite as we might have expected. With trade wars, commodity price volatility and a worldwide health pandemic, the global economy has suffered a triple whammy – with consequences that will likely be felt for years to come.
This turbulence has taken its toll on international trade, with World Trade Organisation figures pointing towards a precipitous drop in global trade flows this year, ranging anywhere between 13% and 32%.1 To get trade – and ultimately the global economy – back on its feet, trade finance is more pivotal than ever.
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