Jared Hance
By now everyone with any sort of access to a Media outlet knows of the recession that we are currently facing. And while we have seen promising signs towards a recovery, the WTO has reason to think otherwise. According to a new report, the global trade percent is expected to drop around 8% this year, the biggest drop since WWII. Interesting yet understandable is the fact that such a dramatic decrease would have a much smaller affect on smaller, less industrialized or developed countries than that of trade orientated nations. This will no doubt be one of the main focuses of the imminent G20 meeting in London, and hopefully some sort of measures will be drawn out for the purpose of combating the decrease. And while technically we did see a small increase in trade in 2008, the director general of the WTO has warned against protectionist economic policies, saying that such actions would only further hamper the road to recovery.
It’s somewhat alarming to look back even today and see the pace at which things fell apart. We stand now on what we hope to be the apex of the economic crisis, and for the downhill slope to recovery to be a foot step away, and yet there are many unconvinced of such a scenario, myself included. While I am not quite the naysayer as those who predict the unavoidable destruction of America, I do not think that a problem created by years and years of uncontrolled spending can be remedied in such a short time frame, regardless of who’s in charge of fixing the problem. This is only reinforced by predictions such as these, which state that despite our small steps towards recovery in recent weeks, we still have a long way to go.
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