Since trade growth has exceeded output growth, the trade/GDP ratio changes. The trade share of GDP increased steadily from the 1960s until 2009. The 2008 financial crisis (triggered by the collapse of Lehman Brothers in September 2008) impacted the real economy. Global activity contracted in 2009, and thereafter struggled to return to post-crisis levels. Due to the downturn in the global economy, there is less international trade, however it is interesting to observe that the trade/GDP ratio also contracted (figures 3, 4 and 5), recovered shortly thereafter, and again began to contract. It is not immediately evident why this has happened, and whether this indicates more fundamental changes in international trade patterns.
Since trade growth has exceeded output growth, the trade/GDP ratio changes. The trade share of GDP increased steadily from the…
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