Organization For Economic Cooperation And Development: The Effects Of The Virus Will Not Stop

Organization For Economic Cooperation And Development: The Effects Of The Virus Will Not Stop

General Secretary of Economic Cooperation and Development (OECD), Angel Gurria, who warned about the economic effects of the Coronavirus epidemic in the world, said that the economic shock was greater than the financial crisis. Speaking to the BBC, Gurria said it was just a hope to believe that countries would quickly regain their former state. The secretary-general said that even making a warning that the outbreak could reduce global growth to 1.5 percent would be very optimistic. Gurria warned that many of the biggest economies in the world will fall into stagnation in the coming months, while the number of job losses and company failures remain uncertain, saying that countries will meet with a bad economic picture "for the coming periods". "Major economies will not only achieve low growth this year, but it will take even longer to grow in the future," said Gurria. "We do not know how long it will take to correct unemployment," Gurria explained, "we do not know how much it will cost to correct thousands of small and medium-sized businesses that are now in a difficult situation." Gurria compared the Marshall Plan, which after the Second World War, that Europe would be in even worse conditions, just like that period, but helped pay for rebuilding.