Angel Gurría, OECD Secretary-General warns it will take the world years to recover from the economic crisis resulting from outbreak.

Angel Gurría, OECD Secretary-General warned that it will take the world years to recover from the economic crisis in the wake of the coronavirus outbreak.

"The pandemic brings with it the third and greatest economic, financial and social shock of the 21st Century, after 9/11 and the Global Financial Crisis of 2008", Gurria wrote on the official OECD website, "This shock brings a double whammy: a halt in production in affected countries, hitting supply chains across the world, and a steep drop in consumption together with a collapse in confidence. Stringent measures being applied, albeit essential to contain the virus, are thrusting our economies into an unprecedented 'deep freeze' state, from which emergence will not be straightforward or automatic."

"The most urgent priority is to minimize the loss of life and health", Gurria emphasized, "But the pandemic has also set in motion a major economic crisis that will burden our societies for years to come. In many places ambitious initial responses are underway, and this is commendable. But only a combined, coordinated international effort will meet the challenge." Read more at Arutz-7