Delayed Full Recovery of International Trade in Services

Abstract

The article analyzes the state of international trade in services aft er the end of the acute phase of the global economic crisis caused by the coronavirus pandemic. It is stated that different sectors of world trade in services fell and recovered at different rates, which caused a significant change in its sectoral structure. Thus, the share of tourism significantly decreased, and as for other services, mainly high-tech, increased. It is also noted that many developing countries, especially small and least developed, whose exports consist largely of tourist services were hit much harder during the pandemic than developed countries. The importance of international cooperation in combating the pandemic is emphasized, failing which the recovery of world trade and global economy will be long and incomplete.