Following the Covid 19 pandemic, global trade is set to fall between 10 and 16 % according to the European Commission, and by 13-32 % according to the WTO (on the basis of a different methodological approach ). This exposes the vulnerability of the EU export-led growth model. Compared to key trade partners the USA and China, the EU is far more reliant on international trade as a proportion of its GDP (see Figure 3). For the EU, the trade proportion of the economy has also been increasing in the ‘slowbalisation’ period.
Trade in goods and services as a proportion of GDP
We write about
Disclaimer and Copyright statement
The content of all documents (and articles) contained in this blog is the sole responsibility of the author and any opinions expressed therein do not necessarily represent the official position of the European Parliament. It is addressed to the Members and staff of the EP for their parliamentary work. Reproduction and translation for non-commercial purposes are authorised, provided the source is acknowledged and the European Parliament is given prior notice and sent a copy.
For a comprehensive description of our cookie and data protection policies, please visit Terms and Conditions page.
Copyright © European Union, 2014-2023. All rights reserved.