The head of the World Trade Organization said on Wednesday (25.03.2020) that projections show that the economic downturn and job losses caused by the coronavirus pandemic would be worse than the 2008 recession.
«This pandemic will inevitably have a huge impact on the economy ...," Director General Roberto Azevedo said in a video message filmed from his home and posted on the website of the body that creates the rules for global trade.
«Recent projections predict an economic recession and job losses that are worse than the global financial crisis a dozen years ago."He added.
He said there were no concrete forecasts available yet, but that the WTO's internal economists expected "a sharp decline in trade«.
However, he said countries could take important steps to limit the immediate economic damage and lay the groundwork for a long-term recovery, urging them to work together.
«Coordinated efforts will increase our collective power to fight the recession," He added.
Azevedo praised the stimulus measures taken by governments as "positive", without naming the countries, and also urged WTO members to be transparent and share information.
The institution has suspended face-to-face meetings at its Geneva headquarters since reporting a coronavirus case earlier this month and also scrapped its key biennial meeting, due to be held in Kazakhstan in June, due to the outbreak.
Source: Reuters
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