While lockdowns imposed across the world in the wake of Covid-19 will be lifted eventually, social distancing, both voluntary and selective, is likely to stay for longer. This already has had — and will continue to have — a significant adverse impact on services transactions that require proximity between buyers and sellers. Trade in services is likely to take longer to recover, with knock-on effects on other sectors of economic activity, and the world could see more regulatory restrictions on services trade on health grounds.
The International Monetary Fund (IMF) and the World Trade Organization (WTO) have predicted massive losses in
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