Greek shipping and the economy
The pace of global economic activity remained weak throughout 2019, with declining momentum in manufacturing activity and rising trade and geopolitical tensions, especially between the United States of America (U.S.) and China. Uncertainty about the future of global trading system and international co-operation more generally has had an impact on business confidence, investment decisions and global trade1, with trade volumes increasing by a marginal 0.3% in 20192. Projections for trade volume growth in 2020, prior to the new coronavirus (COVID-19) outbreak, hovered around 2.7%3, denoting a fragile recovery anyway. The unprecedented global crisis that was brought about by the coronavirus pandemic has made the outlook for the global economy and international seaborne trade for 2020 even more precarious and gloomy. For example, the World Trade Organization (WTO) forecasts4 that the world trade is expected to fall by between 13% and 32% in 2020.
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