Global trade in goods is expected to grow by 8.0% this year and 4.0% next year, the World Trade Organization (WTO) said in a report released Wednesday.

According to the annual "Global Trade Data and Prospects" report released by the WTO on the same day, from the regional point of view, affected by the large-scale fiscal stimulus policies of the United States, North America will become the main region to drive the demand for global trade in goods in 2021.The volume of goods exported from Asia is expected to grow 8.4 percent, making it one of the fastest growing regions in the world.

According to the report, global trade in goods will decline by 5.3 percent in 2020 due to the COVID-19 pandemic, but this performance is better than the 9.2 percent decline forecast by the WTO last October.The WTO believes that positive news on COVID-19 vaccine, fiscal and monetary policies in several economies, and effective outbreak control measures and economic slowdown in China and other Asian economies have boosted demand for global trade and prevented a more severe recession in global trade.

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