WTO Warns Pandemic Could Trigger Another Great Depression

The World Trade Organization says that due to the coronavirus pandemic, global trade is likely to fall between 13% and 32%. According to Business Insider, the WTO warns that in a worst-case scenario, the drop in international trade could cause another Great Depression. WTO officials expect trade to bounce back in 2021. However, recovery isn't likely to come until households and businesses suffer "painful consequences." The pandemic has already put an unprecedented 16.8 million Americans out of work in the past month and has upended markets worldwide. COVID-19 has infected more than 1.45 million people and killed more than 88,000 since being identified in Wuhan, China, in December.