Coronavirus downturn will be worse than 2008, WTO says

The World Trade Organization (WTO) chief said on Wednesday that projections show the economic downturn and job losses caused by the coronavirus pandemic would be worse than the 2008 recession.

The director general said in a video message filmed from his home that this pandemic will certainly have an huge impact on the economy. He also said concrete forecasts were not yet available, but the WTO's in-house economists expected a very sharp decline in trade. He added that countries could take important steps to limit immediate economic damage and lay the foundations for a long-term recovery, urging them to work together.