The damage from the coronavirus has already exceeded the losses from the global crisis of 2008 — OECD

The losses caused by the pandemic coronavirus, has exceeded the damage from the global financial crisis of 2008 and the terrorist attacks of September 11, 2001.

Ущерб от коронавируса уже превысил убытки от глобального кризиса 2008 года — ОЭСР

This was stated in an interview with the BBC, the Secretary-General of the Organization for economic cooperation and development (OECD) Jose angel Gurria.

“Even if the global recession, we will get either zero or negative growth in many countries, including the largest. Because of this, global growth will be low this year, but will be a long time to recover,” said Gurria.

“We don’t know how much money it will take to fight unemployment — because we do not know how many people will lose their jobs. And we don’t know how much you will need for the resuscitation of hundreds of thousands of small and medium enterprises, who have already suffered”, — considers the head of the OECD.

As noted Gurria, at the end of the winter policy of the countries of the Big twenty were convinced that the growth curve in the period of the coronavirus will take the form of the letter V: a sharp, but short-lived fall in economic activity, and then a sharp rebound and recovery.

“But even then we have wishful thinking,” he says.

“We now see that the form V will be. In the best case scenario would be something closer to U with a long bottom before growth will begin. We will avoid falling into a curve L, if we take the right decisions now.”

The OECD offers a “antiaromaticity” plan in four parts:

  • Free testing for Covid-19
  • Priority medical supply of necessary equipment and protective materials
  • Payments pure money for workers — including the self-employed
  • Tax breaks for business

The Secretary-General of the OECD has compared these proposals with the Marshall plan, which provided the reconstruction of Europe after the Second world war.

The OECD, founded in 1948, is one of the leading international economic organizations in the world. The OECD brings together 36 developed countries, including most EU member States.