REPORT: WTO details ‘enormous impact’ coronavirus will have on economy
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The World Trade Organization estimates that the global economic downturn caused by the outbreak of the coronavirus will be worse than the recession of 2008.
WTO Director-General Roberto Azevedo announced the organization’s calculations on a video posted on the WTO’s website on Wednesday, according to Reuters. He said that the group’s economic team predicts “a very sharp decline in trade” globally due to the pandemic and emergency regulations that have shut down many sectors.
The article goes on to state the following:
“This pandemic will inevitably have an enormous impact on the economy,” Azevedo said. “Recent projections predict an economic downturn and job losses that are worse than the global financial crisis a dozen years ago.”
Countries could resist recession by working together, Azevedo said, recommending coordinating efforts to “increase our collective recession-fighting power.”
Azevedo said stimulus measures are “positive.”
Coronavirus: Downturn will be worse than 2008, WTO says https://t.co/6yJ5FYbJqN
— ST Foreign Desk (@STForeignDesk) March 25, 2020
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