WTO Secretary-General: "Economic Impact of COVID-19 Inevitable... Sharp Decline in Trade Expected"

Roberto Azev?do, Director-General of the World Trade Organization (WTO) (Screenshot from the WTO website)

[Asia Economy Reporter Jeong Hyunjin] Roberto Azevedo, Director-General of the World Trade Organization (WTO), stated that economic damage caused by the novel coronavirus infection (COVID-19) is inevitable and predicted that trade between countries will sharply decline.

According to the WTO on the 25th (local time), Director-General Azevedo said in a recorded video message from his home that "recent forecasts suggest that the recession and unemployment caused by COVID-19 will be more severe than during the 2008 financial crisis."

He added, "This pandemic inevitably entails tremendous economic damage," and although it is difficult to provide specific forecasts, he said, "World trade is expected to decline very sharply."

Director-General Azevedo said, "No matter how powerful or advanced a country is, it cannot be self-sufficient," and emphasized that "united efforts will enhance our ability to respond to the recession." He continued, "Trade enables the production and supply of essential goods and services, medical supplies and equipment, food, and energy," and stressed, "Continuing trade and investment is important to keep shelves stocked and maintain prices."

Director-General Azevedo also viewed positively the recent economic stimulus policies introduced by various governments and requested WTO members to share information transparently. Furthermore, he said, "Once the health crisis begins to subside, trade will help countries grow together and enable the economy to recover faster and stronger," adding, "The WTO will play a role."

This content was produced with the assistance of AI translation services.