July 23, 2021

Services trade slump persists as travel wanes; other service sectors post diverse gains

Global services trade remained sluggish in the first quarter of 2021, falling 9% year-on-year after posting a 21% decline for the full year of 2020 driven by continued weakness in travel services. New COVID-19 variants have further delayed the recovery of international travel; however, other services sectors, such as transport, are starting to bounce back, with variations across regions due to the uneven distribution of vaccines and differing rollback of pandemic restrictions.

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