The WTO warned that the pandemic will severely affect the global trade.
"World trade is expected to fall by between 13% and 32% in 2020 as the COVID-19 pandemic disrupts normal economic activity and life around the world", the report said.
Meanwhile, WTO Director-General Roberto Azevedo noted the decline was "ugly", but the situation might get better next year if the pandemic ends soon.
"These numbers are ugly – there is no getting around that. But a rapid, vigorous rebound is possible. Decisions taken now will determine the future shape of the recovery and global growth prospects", he stressed.
Stocks on most markets have plunged and industries are facing numerous predicaments due to severe quarantine measures, introduced by most countries over the past few months, as almost 1,500,000 people have been diagnosed with the coronavirus. Over 83,000 of them have died, but more than 300,000 have recovered from the disease.
The United States remains the country most affected, with over 360,000 confirmed cases, while Italy has the highest death toll - 17,129 fatalities, according to the World Health Organisation.