World trade may decrease by 30 percent as a result of the coronavirus pandemic under a pessimistic scenario, and this could lead to the deterioration of the living conditions across the world, Russian Foreign Minister Sergey Lavrov said on Wednesday at a meeting of foreign ministers of the Shanghai Cooperation Organization
MOSCOW (Pakistan Point News / Sputnik - 13th May, 2020) World trade may decrease by 30 percent as a result of the coronavirus pandemic under a pessimistic scenario, and this could lead to the deterioration of the living conditions across the world, Russian Foreign Minister Sergey Lavrov said on Wednesday at a meeting of foreign ministers of the Shanghai Cooperation Organization.
"Global trade is projected to decline by 13 percent by the end of this year under an optimistic scenario. And under a bad one, [by] more than 30 percent. Established supply chains, investment and financial exchanges are at risk. All this can lead to deterioration in the living conditions of the population," Lavrov said.
In addition, Lavrov stated that given the magnitude of the negative phenomena, no country would be able to cope with them alone. Therefore, coordinated actions are needed to battle the crisis, he concluded.
