The COVID-19 epidemic has hit the world economy hard, and all major economies are facing severe tests. The interviewed experts said that all countries should take a joint attitude to overcome difficulties, strengthen international cooperation and work together to pull the world economy out of the recession and realize recovery at an early date.
The outlook is uncertain
The epidemic has spread around the world, economic activity has contracted, external demand has declined, industrial and supply chain cycles have been blocked, international trade and investment have shrunk substantially, and a number of international agencies have recently cut their forecasts for global economic growth.
Foreign economic and trade university, vice President of the national institute of opening to the outside world, the international economic research institute Zhuang Rui to international business newspaper reporters that the outbreak of the world economy, the impact of an unprecedented limited production and business operation, industrial chain, supply chain decline in trade and investment, as an engine of global growth in major economies also face a severe test. As recently predicted by some international agencies, the world economy faces "the worst global recession since the Great Depression of the 1930s" and "the worst recession since The Second World War". Recession is inevitable and will worsen if the epidemic is not brought under control in the second half of the year.
Work together to overcome the difficulties
As for how to promote world economic recovery, Zhuang said that countries should first safeguard the stability of their own economies, support the development of pillar industries and seize new economic growth points. In China, for example, new forms of business and new industries related to information technology have accelerated against the trend of the epidemic. Therefore, countries should seize the opportunity to tap the potential to boost economic growth. At the same time, we should strengthen international cooperation, conduct effective communication and coordination and jointly respond to global challenges. Only by strengthening cooperation and exchanges in trade, investment and personnel, can economies of scale be created and more development opportunities be created. In addition, we need to further enhance mutual trust and promote more open markets.
