Decline in trading across the world will have painful consequences for both individuals and businesses, says the WTO.
the world trade organization the WTO fear that the global trade may decline by somewhere between 13 and 32 percent this year because of the actions of governments the world over have put in place to curb the outbreak of the coronavirus.
It must notify the WTO on Wednesday.
The two figures are respectively the most optimistic and the most pessimistic scenario.
the Organization’s director-general, Roberto Azevedo, warns that coronakrisen in the worst case can be “the deepest economic recession or downturn in our lifetime”.
In its annual forecast had the WTO already pointed out that world trade was calmed a bit by 2019.
But after coronavirusset appeared in China around new year and since spread to the rest of the world, it has forced governments all over the world to take drastic steps to limit the number of sick and dead.
Over half of the world’s population has been asked to stay at home. In many places, the economic activity down completely.
In almost all regions of the world it is expected that there will be “a double-digit decline in the trade”, reads the message from the WTO.
– This crisis is first and foremost a health crisis, which has forced governments to take unprecedented steps to protect people’s lives, says Azevedo in a statement.
– The inevitable decline in trade and production will have painful consequences for both households and businesses, in addition to the human suffering caused by the disease itself causes.
worldwide, over 1.4 million people confirmed infected with the coronavirus. Of them are over 83.000 people who were infected with the virus, died.