WTO: the Decline because of the coronavirus will be worse than in 2008
the head of the world trade organization said on Wednesday that, according to forecasts, the economic downturn and loss of jobs because of the pandemic coronavirus will be worse than the recession of 2008.
"the pandemic will inevitably have a huge impact on the economy," said WTO Director General Robert Azevedo in a video posted on the organization's website.
"Recent calculations predict the economic downturn and loss of jobs that will be worse than the global financial crisis a dozen years ago," he added.
According to him, specific predictions yet, but WTO economists expect a "very sharp reduction in the trade".
However, he said that countries can take important steps to limit the immediate economic damage and to lay the foundations for long-term recovery, and urged them to work together.
"Coordination of efforts will enhance our collective ability to deal with the recession," he added.
Azevedo praised the stimulus measures adopted by governments as "positive", without specifying the countries and urged WTO members to be open and share information.
Earlier it was reported that the European Union has so far failed to agree on funding of measures to stabilize the Eurozone economy in the struggle with consequences of the pandemic coronavirus.