Global trade refers to the exchange of goods and services across international borders. It has been a significant contributor to the growth of the global economy over the years. Trade agreements such as the World Trade Organization (WTO) and the North American Free Trade Agreement (NAFTA) have helped to promote international trade by reducing tariffs and other trade barriers. Despite the benefits of global trade, it has been a subject of debate, particularly when it comes to outsourcing jobs to other countries. However, when managed properly, global trade can provide many opportunities and benefits, such as access to new markets, increased innovation, and economic growth for both developed and developing countries.
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Data for today’s episode is provided by Mercator Advisory Group’s report – North American PaymentInsights, U.S. – ATMs: No Fee for Me.
COVID-19’s Impact on Global Trade:
- Global GDP was projected to be $90 trillion in 2020, pre-COVID-19 outbreak.
- The International Monetary Fund has revised projections downward for a global GDP average of -3% in 2020.
- Pre-COVID-19, world merchandise and services exports were forecasted at $25.5 trillion, now revised to $20 trillion.
- The World Trade Organization provides two possible projections for merchandise trade:
- Projection 1: Optimistic V shape – short-term 13% downturn in global merchandise trade
- Projection 2: Pessimistic U shape – short-term 32% downturn in global merchandise trade
- The optimistic scenario forecasts a return to trend by 2022, while the pessimistic scenario leaves a 22% differential against prior trend.
About Report
Mercator Advisory Group’s most recent consumer survey report, ATMs: No Fee for Me, from the 2019 Technology Survey of the bi-annual North American PaymentsInsights series, examines U.S. consumers’ current use of and perspective on ATMs.
The report, which is based on an online panel survey administered to 3,006 U.S. adults in November-December 2019, presents results from questions exploring how adults in the United States use ATMs for cash withdrawals, deposits, and other transaction types. It also presents data on their opinions about paying ATM fees and methods of authenticating users at the ATM.