THO Webinar: Global Economic Policy Response to Coronavirus15 Apr 20
On April 15, 2020 the Turkish Heritage Organization hosted a webinar panel, Global Economic Policy Response to Coronavirus.
On April 15, 2020 the Turkish Heritage Organization hosted a webinar panel, Global Economic Policy Response to Coronavirus featuring Bart Oosterveld, Senior Fellow for the Global Business and Economics Program at the Atlantic Council and William Alan Reinsch, Senior Adviser and School Chair in International Business, at the Center for Strategic and International Studies. The conversation was moderated by THO Programs Director Savannah Lane.
Throughout the conversation, Mr. Oosterveld discussed how the global economy has been impacted thus far from coronavirus and mentions that this is a shock to the global economy and one that is unprecedented. Mr. Oosterveld cited recent IMF reports that have also allowed us to have a better indicator of the nature of the steps needed to be taken globally to address the economic impacts. Additionally, Mr. Oosterveld highlighted important work coming out of the G20 this week, IMF and other international efforts to address the economic efforts.
In terms of addressing the biggest concerns, Mr. Reinsch mentions that in the new normal of COVID-19 short term it will be critical to avoid panic, both in general but also in addressing COVID-19 in the trade world and in the economic response. This could be expressed in the economic world as protectionist tendencies increased or competition drives increased, with which Mr. Reinsch mentions both of those options are natural reactions but typically subsides only through the lessening of panic and global leadership-particularly from the G7.
Further in this conversation Mr. Oosterveld discusses COVID-19 impact on supply chains and international trade long term. Mr. Oosterveld mentions that overall trade volume is down 10% this year, and it is severe for heavily trade-reliant nations. It is a disaster globally for the poorest countries relying on tourism, trade, or more. It will definitely be an economic shock for these nations. Mr. Reinsch mentions additionally that not only in supply chains, but air transportation, tourism and other economic industries are going to be hit hard and will have a difficult time jumping back from this pandemic. The most worrisome aspect though, Mr. Reinsch mentions that it is not those businesses that are not open right now, it is the businesses that won’t be able to recover and reopen following the economic hits from this pandemic.
The conversation continued with discussions of joblessness, the US Stimulus package, the WHO, and global multilateral responses to the coronavirus in light of the trade and the economic downfall. To view the full conversation, watch our recorded summary below and be sure to subscribe to our newsletter to tune in to the next webinars and teleconferences.