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    2021 Trade Finance Gaps, Growth, and Jobs Survey

    Kim, Kijin; Latoja, Ma. Concepcion; Beck, Steven; Tayag, Mara Claire | January 0010
    Abstract
    In 2020, the coronavirus disease (COVID-19) pandemic devastated the global economy, causing global gross domestic product to shrink by 3.2% and global trade to contract by 7.5%. As governments around the world tried to contain the spread of the virus by imposing mobility restrictions, sharp declines in economic and trade activities jeopardized markets. Trade finance is vulnerable to economic crises despite being a low-risk asset class, and yet it is vital to support trade-led growth, which is critical to growing economies ravaged by the pandemic. In economies where trade finance gaps were already high prior to the pandemic, the panic and uncertainty induced by the rapid global spread of COVID-19 aggravated the trade finance access issue. The 2021 Asian Development Bank (ADB) Trade Finance Gaps, Growth, and Jobs Survey aims to enhance our understanding of the size of the trade finance shortfall and the related pandemic impact. Now on its seventh cycle, the survey continues to find large market gaps for trade finance that impede the full potential of trade to deliver growth, jobs, and poverty reduction. Against the backdrop of the COVID-19 pandemic, the survey discusses the following: • Trade finance market gaps in 2020; • Impact of the pandemic on the supply and demand in trade finance markets; • Prospects of post-COVID-19 recovery and major barriers to the path to recovery; • Access to SME trade financing and support measures for SMEs during the pandemic; • Use, role, and potential of fintech and digital solutions, and obstacles to their growth; and • Policy implications including the role of digitalization in trade and trade finance and international cooperation in promoting trade finance.
    Citation
    Kim, Kijin; Latoja, Ma. Concepcion; Beck, Steven; Tayag, Mara Claire. 0010. 2021 Trade Finance Gaps, Growth, and Jobs Survey. © Asian Development Bank. http://hdl.handle.net/11540/14236. License: CC BY 3.0 IGO.
    PDF ISBN
    978-92-9269-068-7
    Print ISBN
    978-92-9269-067-0
    ISSN
    2071-7202 (print)
    2218-2675 (electronic)
    Keywords
    Risk Financing
    Regional Development Finance
    Public Finance
    Infrastructure Financing
    Financing of Infrastructure
    Financial Security
    Financial Intermediation
    Finance And Trade
    Enterprise Financing
    Trade Regulation
    Trade Finance
    Regional Trade Agreements
    General Agreement On Tariffs And Trade
    Foreign and Domestic Financing
    Cybersecurity
    Taxation
    Business Financing
    Investment Requirements
    Capital Needs
    Tax Incentives
    Project Risks
    Tariff agreements
    Customs conventions
    Import policy
    Export policy
    International Monetary Relations
    Local Finance
    Banks
    Capital Market
    financial statistics
    Foreign trade
    Digital
    Investments
    Finance
    Market
    Markets
    Use tax
    Tax administration and procedure
    Taxing power
    Effect of taxation
    Business enterprises
    Foreign trade and employment
    Mentoring in business
    Trade routes
    Bills of exchange
    Swaps
    International banks and banking
    Capital movements
    Central banks and banking
    Bills of exchange
    Swaps
    Banks and banking
    Stock exchanges
    Market
    Exchange
    Balance of trade
    Cyber Security
    e-commerce
    Insurance
    Trade insurance
    Regulation
    Blockchain
    Show allCollapse
    Citable URI
    http://hdl.handle.net/11540/14236
    Metadata
    Show full item record
    Thumbnail
    adb-brief-192-trade-finance-gaps-jobs-survey.pdf (2.448Mb)
    Author
    Kim, Kijin
    Latoja, Ma. Concepcion
    Beck, Steven
    Tayag, Mara Claire
    Theme
    Finance
    Trade
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise