The WTO warns that the coronavirus pandemic could create another Great Depression
As authorities across the globe asked or mandated people to stay home to slow the spread of the novel coronavirus, they may have also triggered a plunge in global trade that hasn't been seen since the Great Depression, according to the World Trade Organization.
The result will be "painful consequences" for households and businesses across the globe, WTO Director-General Roberto Azevêdo said in aWednesday. Even the WTO's most optimistic forecast for global trade amid the pandemic, a 13% reduction, is worse than what happened during that Great Recession. A plunge the size of the Geneva-based organization's most pessimistic prediction, 32%, hasn't been seen since the Great Depression in the 1930s..
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