The world is going through a difficult period. Economies are struggling because of the pandemic. Vaccination efforts are gaining momentum, while underdeveloped countries are having trouble getting the vaccine. Injustice unfortunately manifests itself here, too. We spoke with Simone Kaslowski, President of the Turkish Association of Industrialists and businessmen (TÜSİAD), about the course and future of foreign trade during the pandemic period. The president of TÜSİAD believes that this crisis will be overcome by collective work.
"The pandemic and other issues aggravated by the pandemic are straining our economies. It requires immediate and collective responses. All over the world, vaccination efforts continue at varying speeds from country to country. There is a consensus that the return to the pre-pandemic period will unfortunately take time, and during this time global trade will be negatively affected. According to a report by the World Trade Organization (WTO) published at the end of March, world trade is expected to grow by 8 percent in 2021 and 4 percent in 2022. But despite all these positive figures, it is believed that global total trade will lag behind the pre-pandemic period,” he says.
According to the report posted by the OECD: ‘foreign direct investment’, 38 percent of global foreign direct investments decline to the lowest level in 2020 as the lowest since 2005 says Kaslowski, noting that the same study shows that investment from scratch, which we describe as greenfield investment, falls much harder in developing countries than in developed countries. The UNCTAD report published in June confirms the negative outlook for investments in World Investment Report-2021,” he adds.