Director General of the world trade organization (WTO) Robert Azevedo said that the economic downturn and loss of jobs caused by the coronavirus pandemic will be worse than the recession of 2008.
“the pandemic will inevitably have a huge impact on the economy,” said Azevedo in a video filmed at his home and placed on the website of the WTO.
“the Latest forecasts indicate economic downturn and the loss of jobs that will be worse than the global financial crisis 12 years ago,” he warned.
the head of the WTO said that the specific predictions yet, but economists expect the organization of a “very sharp decline in trade.”
Azevedo urged countries to work together to limit the economic damage from a pandemic, and to lay the foundations for long-term recovery.
He also praised the stimulus measures taken by governments as “a positive” and urged WTO members to transparency and exchange of information.
Earlier this week the international monetary Fund also said that the pandemic coronavirus this year will lead to a global recession that may be worse than what was caused by the global financial crisis of 2008-2009.