Coronavirus’ financial fallout will be worse than 2008, says WTO Chief Azevedo


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Coronavirus’ financial fallout will be worse than 2008, says WTO Chief Azevedo

On Wednesday, the 25th of March 2020, Roberto Azevedo, the Director General of World Trade Organization (WTO), the Geneva-based intergovernmental organization accountable for overseeing the international trade regulations between countries, had raised an alarming bell over an accelerating financial rout on a gauge of global economic majors saying that the Covid-19 pandemic-driven economic downturns alongside job slashes would be worse that the ages of Great financial depression in 2007-2009.

Aside from that, the WTO Chief, Roberto Azevedo had also added on Wednesday (March 25th) that the pandemic which had been spreading exponentially across the globe, in particular in the G7 nations, would inevitably have an enormous setback on global economy.

Meanwhile, citing if the coronavirus pandemic, which is expected to reach a plateau or threshold phase by mid-April or earlier on May, could not be contained in a near-term outlook, WTO’s projection showed an apocalyptic scale of downturn in business investments over the coming weeks, Azevedo said in a video message filmed from his home a nd posted in the WTO’s website on Wednesday (March 25th), “Recent projections predict an economic downturn and job losses that are worse than the global financial crisis a dozen years ago.…concrete forecasts were not yet available, but WTO’s economists expected a very sharp decline in trade…Coordinating efforts will increase our collective recession-fighting power