The World Trade Organization (WTO) on Wednesday forecast that goods trade would shrink more steeply this year than during the global financial crisis a decade ago, and then rebound in 2021, as the COVID-19 pandemic recedes - provided countries work together.
The WTO says that while the economic shock of the COVID-19 pandemic invites comparisons to the global financial crisis of 2008-09, the two global events are also very different.
"These numbers are ugly - there is no getting around that", said WTO Director-General Roberto Azevêdo.
"COVID-19 has completely upended the global economy and with it worldwide trade", WTO chief Roberto Azevedo told reporters in a virtual briefing from Geneva.
"This crisis is first and foremost a health crisis, which has forced governments to take unprecedented measures to protect people's lives", Azevêdo said.
"In an optimistic scenario, our economists see the volume of global merchandise trade falling by 13 percent this year compared to 2019", Azevedo said. It displays a steep drop in trade adopted by a restoration beginning in the second half of 2020. Trade will be an important ingredient here, along with fiscal and monetary policy.
"The immediate goal is to bring the pandemic under control and mitigate the economic damage to people, companies and countries". "There is no way around that".
"As we face what may well be the deepest economic recession or downturn of our lifetimes, we should aim to make the most of all potential drivers of sustainable growth to reverse this situation", he told a virtual news conference in Geneva.
Hearts to vote against SPFL proposals and support Rangers motion
They added: "We believe it doesn't meet the basic principle that no club should be left worse off by this important decision". The Hoops are 13 points ahead of Rangers with eight league games remaining, including the five post-split fixtures.
Un attaquant à 10 millions d’euros ciblé — Mercato OM
Son contrat expire en juin 2021 Leicester, club à qui il appartient, devra lui chercher une autre porte de sortie. Dernièrement, on apprenait l'intérêt de son ancien club, le Sporting Lisbonne.
New York Records Highest Daily Death Toll
It was thought that as many as 240,000 people in the U.S. could die in the pandemic, according to the president's task force. State and local officials now acknowledge that the virus was nearly certainly in NY much earlier, the report said.
The organisation also said that merchandise trade volume already fell 0.1% in 2019, weighed down by trade tensions and slowing economic growth.
In apparel, preliminary estimates by WTO economists indicate the value of exports stagnated in 2019, with nearly zero growth from the $494 billion notched in 2018.
Services are not included in the WTO's forecast, but the WTO said trade in this area may be hit hardest by COVID-19 because of transport and travel restrictions.
However, the situation has taken a dramatic turn since COVID-19 first emerged in China late past year.
"After the financial crisis of 2008-09, trade never returned to its previous trend..."
"Whole sectors of national economies have been shut down, including hotels, restaurants, non-essential retail trade, tourism and significant shares of manufacturing". "A strong rebound is more likely if businesses and consumers view the pandemic as a temporary, one-time shock", the WTO said.
"A turn towards protectionism would introduce new shocks on top of those we are now enduring", Azevedo said. He said keeping markets open and predictable would be critical.
Conseillé:
-
Face coverings don't take the place of social distancing
How does a face mask help? You want to be using good hand hygiene if you're going to be touching your face to adjust it. Reusable polypropylene grocery bags without a shiny film can be used as the droplet-repelling outer shell of the masks.Josep Maria Bartomeu chamboule le CA du club — Barça
Sur la sellette depuis le début de saison, Josep Maria Bartomeu a décidé de faire un grand ménage au Barça . J'ai la conscience tranquille et je sens que tout cela est lié au thème du Barçagate.WhatsApp limits message forwarding to "one chat at a time"
The app, which is owned by Facebook , will impose a block on messages that have been "frequently forwarded" to multiple people. A surge in coronavirus misinformation has prompted WhatsApp to limit how easily you can forward viral messages to other users. -
Purab Kohli, family had COVID-19 in London, still recovering
Earlier, in an interview with The Indian Express, Purab had shared his love story and had talked about his love child. Then Lucy acquired it extra within the chest, fairly just like the cough symptom everybody has been speaking about.White House acknowledges coronavirus disproportionately taking African American lives
Alabama's population is about 27% black and 69% white, according to the latest census data . Adams said he himself has heart disease, asthma, high blood pressure, and is pre-diabetic.Scientists reveal coronavirus camouflage that will aid hunt for vaccine
When compared to mice, the period between the contraction of the disease and death is significantly longer in human beings. A paper describing the new results appeared online today in the journal Science Translational Medicine . -
Govt releases Covid-19 SOP, cases to be divided into 3 groups
In urban areas, the civil or general hospitals, urban CHCs and municipal Hospitals can be designated as fever Clinics. Till a patient is confirmed as Covid positive, he would be kept in a separate area earmarked for suspected patients.Joel Osteen Reveals Kanye & Mariah's Plans for His Easter Service
Instead, Ye and his Sunday Service crew will be performing in LA and it will be broadcast over in Osteen's church. According to the site, Carey will perform "Hero" in honor of medical professionals and other first responders."Smart Toilet" Monitors for Signs of Disease
It would be useful for people at increased risk of developing irritable bowel syndrome (IBS), prostate cancer or kidney failure. It's still early days, though, with a total of 21 participants having tested the toilet over the course of several months. -
GM Thomas Dimitroff: Falcons 'very comfortable' with health of RB Todd Gurley
If a player comes and has an issue that he might not pass a physical, then that's something we will address then. But he's a hard-charging runner.Paul Walker's daughter, Meadow, shares unseen footage of late father
In the video, Paul can be seen opening a door which Meadow was standing behind, which prompts her to shock him by shouting "Hi!". She also shared a photo of her dad kissing her on the cheek as a baby on March 16, captioning it, "ultimate apocalypse buddy".Orlando Bloom likely to play Joe Exotic in Tiger King film
A rep for Twitter noted Tiger King became the most talked about show on the platform in the week following its debut. Netflix's Tiger King as suspected delivered a grrrrrrrreat big audience for Netflix, at least according to Nielsen.