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WTO: Economic recession due to coronavirus could be worse than 2008 crisis

The economic recession caused by the coronavirus pandemic could be worse than the 2008 global financial crisis, said Roberto Azevedo, head of the World Trade Organization (WTO). RIA Novosti reported.

Earlier, the head of the International Monetary Fund, Kristalina Georgieva, said that the IMF expected a recession in the global economy this year due to coronavirus, equal to or even more serious than it was during the 2008 financial crisis.

«This pandemic will undoubtedly greatly affect the economy, trade and, consequently, the jobs and welfare of people. Recent forecasts predict a recession and job losses that will be worse than the global financial crisis 12 years ago,» Roberto Azevedo said.