Various-Coronavirus/WTO/Economy

Economic downturn, job losses caused by COVID-19 to be worse than those of 2008 global crisis: WTO

  • English

Shotlist


FILE: Geneva, Switzerland - April 27, 2018 (CCTV - No access Chinese mainland)
1. Various of World Trade Organization (WTO) headquarters

Geneva, Switzerland - March 25, 2019 (WTO - Access All)
2. SOUNDBITE (English) Roberto Azevedo, Director-General, WTO:
"Recent projections predict an economic downturn and job losses that are worse than those of the global financial crisis a dozen years ago. In a few weeks, the WTO will release our regular trade forecast, and our economists are still crunching the numbers, but they foresee a very sharp decline in trade. There are, however, important steps we can already take to limit the immediate economic damage and to lay the foundations for a long-term recovery. A strong and sustainable one. Governments are introducing fiscal and monetary stimulus, and this is positive. Coordinating efforts would increase our collective recession-fighting power."

Pescara, Italy - Recent (CGTN - No access Chinese mainland)
3. Various of ambulances, medical staff

Madrid, Spain - March 24, 2020 (CCTV - No access Chinese mainland)
4. People at entrance of hospital

Paris, France - March 17, 2020 (CCTV - No access Chinese mainland)
5. Various of saleswoman in drug store, notice on window

London, UK - March 21, 2020 (CCTV - No access Chinese mainland)
6. Statue on square, police officers
7. Closed shop, pedestrians

Geneva, Switzerland - March 25, 2019 (WTO - Access All)
8. SOUNDBITE (English) Roberto Azevedo, Director-General, WTO:
"This pandemic is a global challenge, so we need a global response. Trade has an important role here. So there is this last message that I want to leave with you: No country is self-sufficient. No matter how powerful or advanced it may be. Trade is what allows for the efficient production and supply of basic goods and services, medical supplies and equipment, food and energy that we all need. Keeping trade open and investments flowing will be critical, to keep shelves plentiful and prices affordable. And once that medical crisis begins to recede, trade will allow countries to help each other, bringing faster and stronger economic recovery for us all."

Chicago, USA - March 22, 2020 (CCTV - No access Chinese mainland)
9. Vehicles, pedestrians on street
10. Empty shelves in supermarket

Sapporo City, Hokkaido, Japan - March 12, 2020 (CCTV - No access Chinese mainland)
11. City-scape
12. Pedestrians

New Delhi, India - March 24, 2020 (CCTV - No access Chinese mainland)
13. Various of residents lining up in supermarket

Storyline


The World Trade Organization (WTO) predicts that the economic downturn and job losses caused by the coronavirus outbreak will be worse than those of the global financial crisis back in 2008.

Roberto Azevedo, Director-General of the WTO, made the statement during a video posed on WTO website on Wednesday in which he said that the WTO team is currently working on a regular trade forecast but it has already foreseen a sharp decline in trade.

"Recent projections predict an economic downturn and job losses that are worse than those of the global financial crisis a dozen years ago. In a few weeks, the WTO will release our regular trade forecast, and our economists are still crunching the numbers, but they foresee a very sharp decline in trade. There are, however, important steps we can already take to limit the immediate economic damage and to lay the foundations for a long-term recovery. A strong and sustainable one. Governments are introducing fiscal and monetary stimulus, and this is positive. Coordinating efforts would increase our collective recession-fighting power," said Azevedo.

Azevedo also called on international cooperation in fight against the pandemic and said that transparency and information sharing is a critical part of crisis response.

"This pandemic is a global challenge, so we need a global response. Trade has an important role here. So there is this last message that I want to leave with you: No country is self-sufficient. No matter how powerful or advanced it may be. Trade is what allows for the efficient production and supply of basic goods and services, medical supplies and equipment, food and energy that we all need. Keeping trade open and investments flowing will be critical, to keep shelves plentiful and prices affordable. And once that medical crisis begins to recede, trade will allow countries to help each other, bringing faster and stronger economic recovery for us all," said Azevedo.

A total of 413,467 COVID-19 cases were reported globally as of 10:00 CET (0900 GMT) Wednesday, according to the situation dashboard by the World Health Organization.

The global death toll from COVID-19 has climbed to 18,433, as the virus affected 196 countries and regions.

DOWNLOAD
  • ID : 8138757
  • Published : 2020-03-26 18:32
  • Last Modified : 2020-03-26 18:38:40
  • Location : Spain;France;United Kingdom;India;Italy;Japan;United States
  • Category : economy, business and finance,health
  • Duration : 2'35
  • Audio Language : English/Nats/Part Mute
  • Source : China Central Television (CCTV),China Global Television Network (CGTN),Pool
  • Restrictions : See shotlist
  • Version : 2

Various-Coronavirus/WTO/Economy

Economic downturn, job losses caused by COVID-19 to be worse than those of 2008 global crisis: WTO

Dateline : March 12/17/21-22/24-25, 2020/recent/File

Location : Spain;France;United Kingdom;India;Italy;Japan;United States

Duration : 2'35

  • English


FILE: Geneva, Switzerland - April 27, 2018 (CCTV - No access Chinese mainland)
1. Various of World Trade Organization (WTO) headquarters

Geneva, Switzerland - March 25, 2019 (WTO - Access All)
2. SOUNDBITE (English) Roberto Azevedo, Director-General, WTO:
"Recent projections predict an economic downturn and job losses that are worse than those of the global financial crisis a dozen years ago. In a few weeks, the WTO will release our regular trade forecast, and our economists are still crunching the numbers, but they foresee a very sharp decline in trade. There are, however, important steps we can already take to limit the immediate economic damage and to lay the foundations for a long-term recovery. A strong and sustainable one. Governments are introducing fiscal and monetary stimulus, and this is positive. Coordinating efforts would increase our collective recession-fighting power."

Pescara, Italy - Recent (CGTN - No access Chinese mainland)
3. Various of ambulances, medical staff

Madrid, Spain - March 24, 2020 (CCTV - No access Chinese mainland)
4. People at entrance of hospital

Paris, France - March 17, 2020 (CCTV - No access Chinese mainland)
5. Various of saleswoman in drug store, notice on window

London, UK - March 21, 2020 (CCTV - No access Chinese mainland)
6. Statue on square, police officers
7. Closed shop, pedestrians

Geneva, Switzerland - March 25, 2019 (WTO - Access All)
8. SOUNDBITE (English) Roberto Azevedo, Director-General, WTO:
"This pandemic is a global challenge, so we need a global response. Trade has an important role here. So there is this last message that I want to leave with you: No country is self-sufficient. No matter how powerful or advanced it may be. Trade is what allows for the efficient production and supply of basic goods and services, medical supplies and equipment, food and energy that we all need. Keeping trade open and investments flowing will be critical, to keep shelves plentiful and prices affordable. And once that medical crisis begins to recede, trade will allow countries to help each other, bringing faster and stronger economic recovery for us all."

Chicago, USA - March 22, 2020 (CCTV - No access Chinese mainland)
9. Vehicles, pedestrians on street
10. Empty shelves in supermarket

Sapporo City, Hokkaido, Japan - March 12, 2020 (CCTV - No access Chinese mainland)
11. City-scape
12. Pedestrians

New Delhi, India - March 24, 2020 (CCTV - No access Chinese mainland)
13. Various of residents lining up in supermarket


The World Trade Organization (WTO) predicts that the economic downturn and job losses caused by the coronavirus outbreak will be worse than those of the global financial crisis back in 2008.

Roberto Azevedo, Director-General of the WTO, made the statement during a video posed on WTO website on Wednesday in which he said that the WTO team is currently working on a regular trade forecast but it has already foreseen a sharp decline in trade.

"Recent projections predict an economic downturn and job losses that are worse than those of the global financial crisis a dozen years ago. In a few weeks, the WTO will release our regular trade forecast, and our economists are still crunching the numbers, but they foresee a very sharp decline in trade. There are, however, important steps we can already take to limit the immediate economic damage and to lay the foundations for a long-term recovery. A strong and sustainable one. Governments are introducing fiscal and monetary stimulus, and this is positive. Coordinating efforts would increase our collective recession-fighting power," said Azevedo.

Azevedo also called on international cooperation in fight against the pandemic and said that transparency and information sharing is a critical part of crisis response.

"This pandemic is a global challenge, so we need a global response. Trade has an important role here. So there is this last message that I want to leave with you: No country is self-sufficient. No matter how powerful or advanced it may be. Trade is what allows for the efficient production and supply of basic goods and services, medical supplies and equipment, food and energy that we all need. Keeping trade open and investments flowing will be critical, to keep shelves plentiful and prices affordable. And once that medical crisis begins to recede, trade will allow countries to help each other, bringing faster and stronger economic recovery for us all," said Azevedo.

A total of 413,467 COVID-19 cases were reported globally as of 10:00 CET (0900 GMT) Wednesday, according to the situation dashboard by the World Health Organization.

The global death toll from COVID-19 has climbed to 18,433, as the virus affected 196 countries and regions.

ID : 8138757

Published : 2020-03-26 18:32

Last Modified : 2020-03-26 18:38:40

Source : China Central Television (CCTV),China Global Television Network (CGTN),Pool

Restrictions : See shotlist

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