Since the 2008 crisis, global trade growth, in absolute terms and also as a percentage of the global output, has been uneven and well below the trend line of the previous three decades. Global trade registered a sharp fall in 2009. But there was a revival in 2010 and 2011, and stronger growth in the following three years. Trade has registered a drop in 2015, partly because of a fall in commodity prices in general and in particular, crude oil, the world’s most traded commodity. A few months back, at their last summit meeting, G20 leaders expressed “concern (at) the
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