According to the WTO - World Trade Organization - the outlook for an early recovery in world trade has improved following a faster-than-expected expansion of merchandise trade in the second half of last year. According to new WTO estimates, the volume of world merchandise trade is forecast to increase by 8.0% in 2021 after declining by as much as 5.3% in 2020, continuing the recovery from the pandemic-induced collapse from the lows recorded in the second quarter of 2020.