Question

Examine the World Trade Organization (WTO) roles and action in handling this pandemic.

Answer 1

The World Trade Organization has predicted that the COVID-19 pandemic's recession will have a more devastating effect on trade than did the financial crisis. The WTO has cautioned that global trade could decline by as much as one third. The World Trade Organization has estimated this year that trade in goods will decline more rapidly than it did in the global financial crisis a decade ago before rebounding in 2021 as the COVID-19 pandemic recedes-if countries collaborated.

Countries working together would see a recovery quicker than if each nation were operating alone, while monetary, economic, and trade policies would need to go in the same direction. A change to protectionism will trigger new shocks, a number of national leaders have said the crisis should be brought home and an acute shortage of medical supplies means development.

The WTO laid the groundwork for a recovery which was solid, sustainable and socially inclusive. Trade along with fiscal and monetary policy will be an important ingredient here. The outlook for the WTO came as the International Labor Organization (ILO) cautioned that COVID-19's increasingly intensifying economic impact on the world of work could be much worse than the financial crisis of 2008-9, with cuts equal to almost 200 million full-time jobs anticipated in the next three months alone.