surge

Global trade in services ‘set to surge by $2 trillion’ by 2025

City of London
City of London

More countries adopting technology and switching to remote working after the Covid-19 pandemic will drive a $2 trillion (£1.5 trillion) surge in trade in services over the next five years, according to new analysis.

Oxford Economics and Western Union modelled what effect coronavirus will have on cross-border trade, projecting that international trade in services will rise 31pc from $6.1 trillion last year to $8 trillion by 2025.

The US, France and the UK are set to see the largest increases in the value of cross-border trade in services over the next five years, the study said. In Britain, total services exports are expected to jump by $104bn, primarily driven by a boom in “digitally-deliverable services”, such as IT and financial services. 

Already in the UK, services are a dominant part of the economy, thanks to the country’s role as a leading financial and business services hub.

However,

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Coronavirus surge, renewed lockdowns fan fresh worries about global fuel demand

By Ahmad Ghaddar, Stephanie Kelly and Laura Sanicola

LONDON/NEW YORK (Reuters) – Surges in coronavirus infections are slowing a recovery in fuel use from the doldrums of lockdowns in the United States and other countries, raising concern it could be years before consumption rebounds from the impact of the pandemic.

Global fuel demand fell by around a quarter at the peak of the lockdowns, when over 4 billion people worldwide were asked to stay at home. The unprecedented decline in demand forced producers to make record output cuts and pump hundreds of millions of barrels of oil into storage.

Fuel consumption and oil prices had recovered some ground as governments relaxed restrictions on population movements and the output cuts stemmed the glut.

That recovery is stalling, however, as infections swing upward in top fuel consumer the United States, as well as in other major economies such as Brazil and India.

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