The World Trade Organization (WTO) has said that the world trade is expected to decline steeply between 13 percent and 32 percent this year due to the outbreak of the Coronavirus epidemic. The World Trade Organization (WTO) on Wednesday warned that we are heading towards the biggest recession of our time. "Coronavirus has completely ruined the global economy and international trade," WTO President Roberto Azevedo said. Significantly, due to Coronavirus, many countries of the world are under lockdown, due to which industrial and commercial activities have been stalled there.
The World Trade Organization has acknowledged that there are huge uncertainties about how big an economic crisis will be caused by the coronavirus epidemic. More than 1.4 million people worldwide have been infected by the coronavirus and 83,000 people have died. The president of the WTO said that the inevitable decline in trade and production would bring very sad consequences for the common people and the traders. At the same time, compensation will not be possible for the casualties caused by this disease.
The President of the World Trade Organization said, "In an optimistic scenario, our economists have estimated this year to be 13 percent lower than the global trade year 2019." According to estimates, there will be a sharp decline in business and recovery will begin from the beginning of the second half of 2020. If the epidemic is controlled soon and the right policies are implemented, by the beginning of the year 2021, trade and production can be brought back to pre-epidemic levels."
