GENEVA ECONOMIC DAILY (REPORTER YANG HAIQUAN) THE WORLD TRADE ORGANIZATION (WTO) RELEASED THE LATEST ISSUE OF THE GLOBAL SERVICE TRADE BAROMETER ON MARCH 11, WHICH SHOWS THAT AFTER EXPERIENCING A SHARP DECLINE DURING THE GLOBAL SPREAD OF THE COVID-19, THE GLOBAL SERVICE TRADE HAS RECENTLY RISEN STEADILY, THE GROWTH MOMENTUM IS HIGHER THAN THE TREND LEVEL, AND IS IN THE RECOVERY STAGE. HOWEVER, THE CONTINUED WEAKNESS IN SOME SECTORS OF SERVICE TRADE AND THE UNEQUAL DISTRIBUTION OF COVID-19 VACCINE HAVE CAST DOUBT ON THE SUSTAINABILITY OF THE RECOVERY OF SERVICE TRADE. OVERALL, ALTHOUGH THERE IS A SHORT-TERM REBOUND IN GLOBAL TRADE IN SERVICES, THE LONG-TERM PROSPECTS REMAIN UNCERTAIN.THE LATEST READING OF THE WORLD TRADE ORGANIZATION GLOBAL SERVICE TRADE BAROMETER IS 104.7, FAR HIGHER THAN THE BENCHMARK VALUE OF 100. THIS IS THE STRONGEST READING ON RECORD (SINCE 2000), INDICATING THAT GLOBAL SERVICE TRADE GROWTH IS IN LINE WITH RECENT TRENDS. THE LATEST READING IS ALSO SIGNIFICANTLY HIGHER THAN THE LOW POINT OF 91.2 DURING THE PEAK PERIOD OF GLOBAL PANDEMIC RELATED LOCKDOWN MEASURES IMPLEMENTED IN MARCH 2020. THIS REBOUND INDICATES THAT GLOBAL TRADE IN SERVICES PEAKED IN THE SECOND QUARTER OF 2020 AND SLIGHTLY REBOUNDED IN THE THIRD QUARTER, BEFORE ACCELERATING GROWTH IN THE FOURTH QUARTER.HOWEVER, SINCE THE BEGINNING OF THIS YEAR, THE BLOCKADE AND RESTRICTION MEASURES TAKEN BY COUNTRIES IN RESPONSE TO THE SECOND WAVE OF COVID-19 HAVE CONTINUED TO PUT PRESSURE ON THE GROWTH AND EMPLOYMENT OF MAJOR ECONOMIES IN THE WORLD. THE GROWTH MOMENTUM OF GLOBAL TRADE IN SERVICES MAY NOT BE SUSTAINABLE IN THE FIRST QUARTER OF 2021.THE IMPACT OF THE SECOND WAVE OF THE PANDEMIC ON GLOBAL TRADE IN SERVICES IS REFLECTED IN THE COMPOSITION INDEX OF THE SERVICE TRADE BAROMETER, WHICH INCLUDES SUSTAINED WEAKNESS IN AIR TRANSPORTATION (LATEST READING OF 81) AND SLUGGISH INFORMATION AND COMMUNICATION TECHNOLOGY (ICT) SERVICES (LATEST READING OF 93.7). INTERNATIONAL PASSENGER FLIGHTS MAY CONTINUE TO BE WEAK AT LEAST IN THE SECOND QUARTER OF THIS YEAR. IF GOVERNMENTS CAN SUCCESSFULLY VACCINATE THEIR PEOPLE WITH COVID-19 VACCINE, INTERNATIONAL PASSENGER TRANSPORT BY AIR MAY RECOVER PARTIALLY IN THE THIRD QUARTER, BUT THIS RECOVERY PROSPECT IS CONSTRAINED BY WHETHER THE SPREAD OF NEW VARIANTS OF COVID-19 WILL LEAD TO NEW SETBACKS. THE DECLINE IN THE INFORMATION AND COMMUNICATION TECHNOLOGY INDEX MAY BE TEMPORARY, MAINLY DUE TO THE RECENT IMPLEMENTATION OF STRICTER PANDEMIC LOCKDOWN RESTRICTIONS IN THE UNITED STATES, WHICH HAS PUT PRESSURE ON SOME COMPUTER SERVICES, WHILE GLOBAL TELECOMMUNICATIONS SERVICES HAVE REMAINED STABLE OVERALL. IN CONTRAST, OTHER SUB INDICES OF THE GLOBAL SERVICE TRADE BAROMETER ARE ABOVE TREND LEVELS, INCLUDING THE GLOBAL SERVICE PURCHASING MANAGERS' INDEX (105.3), CONTAINER SHIPPING INDEX (104.3), AND CONSTRUCTION INDUSTRY INDEX (106.3). THE FINANCIAL SERVICES INDEX (119.9) PERFORMED PARTICULARLY STRONGLY, REFLECTING AN INCREASE IN INTERNATIONAL FINANCIAL TRANSACTIONS.