World economic decline to be worse than in 2008, says...

economic decline to be worse than in 2008, says World Trade Organization

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In a video message, Roberto Azevedo, the head of the WTO, warns of the “enormous impact on the economy” of the Covid-19 pandemic.

Dark predictions. Projections show that the economic decline and job losses caused by The coronavirus pandemic will be worse than during the 2008 financial crisis, said the director general of the World Trade Organization (WTO) on Wednesday 25 March. In a video message recorded from his home and published on the WTO website, Roberto Azevedo said that “This pandemic will inevitably have a huge impact on the economy”.

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Recent projections, he continued, give “an economic slowdown and job losses that are worse than during the global financial crisis a decade ago”. If concrete forecasts are not yet available, Azevedo said, WTO economists expect a “significant decline” Trade.

And the head of the World Trade Organization adds that countries could take important measures to limit the economic damage and lay the foundations for a long-term recovery. Roberto Azevedo praised the economic support measures undertaken by governments, without indicating the countries to which he referred.

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