New Delhi: A new study from the World Bank has found that the trade-to-GDP ratio, or ‘trade openness’ ration, has fallen to levels last seen during the 2008 financial crisis. This has been seen as a result of the COVID-19 pandemic, the Russia-Ukraine war and trade tensions between the US and China, Livemint reported. The paper by Sebastian Franco-Bedoya said the trade-to-GDP ratio had risen to 61% in 2008, before crashing to 52% in 2009 in the aftermath of the global financial crisis. “The trade-to-GDP ratio recovered in 2011 to 60%, but since trended back to 52%. “After underperforming the world economy and having serious difficulties, India made rapid progress (starting around 1990) in integrating into the global economy and recovered the lost ground to a large extent,” the report states.

Source: Mint May 29, 2023 06:41 UTC