Coronavirus economic impact will be worse than 2008, WTO says

The economic downturn and job losses resulting resulting from the coronavirus pandemic is expected to be worse than the global financial crisis of 2008, Roberto Azevêdo, director-general of the World Trade Organization (WTO) said. 
In a video message published on the organization’s website, Azevêdo acknowledged that the economic impact of the COVID-19 outbreak will be enormous, with inevitable effects on jobs and people’s well-being. 
He stated that while WTO’s regular trade forecast is expected to be issued in a few weeks, the organization’s economists foresee ‘‘a very sharp decline in trade.’’ 
‘‘This pandemic is a global challenge, so we need a global response,’’ stated Azevêdo, adding that the WTO is working ‘‘more than ever’’ towards a global response on trade matters. 
The organization’s chief noted that countries can still take important steps to limit the immediate economic damage and set the basis for a long-term recovery, highlighting the importance of cooperation among them and information sharing. 
‘‘Governments are introducing fiscal and monetary stimulus, and this is positive. Coordinating efforts will increase our collective recession-fighting power. Transparency and information sharing is also a critical part of crisis response,’’ he stated.
Azevêdo added that no country is self-sufficient as trade is what allows the circulation of basic goods and services and thus, keeping trade and investment flowing will be critical to keeping store shelves stocked and prices affordable. 
‘‘Once the medical crisis begins to recede, trade will allow countries to help each other grow, bringing faster and stronger economic recovery for all of us. The WTO will do its part,’’ he noted.