As the COVID-19 outbreak continues to rage across the world,... the global community
is facing a sharp economic downturn not seen since the Great Depression of the 1930s.
Businesses everywhere are losing money,... millions upon millions are losing their jobs,...
and prospects of a fast recovery are becoming dimmer and dimmer.
To discuss what challenges we can expect and prepare for as a global community,...
We have joining us today Angel Gurria, Secretary-General of the Organisation for Economic Co-operation
and Development. Thank you for joining us today.
COVID-19 IMPACT Global coordination needed to help developing
countries handle impact of virus The magnitude of the current shock has caused
most projections for global economic growth this year to drop dramatically. Many are now
expecting the global economy will contract. The OECD has its own projections,
of course. How low do
you think we will go? Some economies are expected to suffer much
more than others. The IMF's latest forecast of growth in G20 nations sees a much larger
cut of about 5 percentage points for China, Europe and the U.S. but much smaller margin
for South Korea less than 1 percentage point. What
do you
is behind the discrepancy in recovery? It's becoming glaringly obvious that the world
economy won't be the same after the pandemic is over.
Whole industries are hemorrhaging money. Millions upon millions are being made redundant and
it's unclear whether they'll have jobs to go back to. What fundamental changes do you
see taking place in the world's industrial landscape that we will have to prepare for?
You’ve raised the need for a global Marshall Plan that rebuilt the post-war economy. But
today it seems we lack hegemonic leadership that we saw from the U.S. in the past. Then
how would a global Marshall Plan be rolled out?
We’ve seen
world leaders gather at G7, G20 summits, and pledge to stand united in the face of the
virus. But it seems words haven’t translated into actions. We still see quarreling over
masks, regional spats resurface and finger-pointing continue between nations. How is this affecting
our response to COVID-19 as a global community,... and what are the dangers of this discordance
trade wars and diplomatic spats continuing throughout and even beyond
the pandemic? It’s too early
to tell what impact this could have on developing
countries but those with labour-intensive economies or those dependent on natural resources
tend to be affected greatly by global demand. Their governments also lack the capacity to
roll out massive stimulus plans like the world’s biggest economies. How, then, should
developing countries safeguard their economies?
Finally, what
do you hope
to see from governments?