OECD Policy Brief Looks at Impacts of COVID-19 on Global Trade

The Organisation for Economic Co-operation and Development (OECD) released a policy briefon COVID-19, the potential impacts on global trade, and guidance on actions to protect trade. The brief estimates that for every month that necessary containment measures are in place, the drop in output will be equivalent to a decline in annual GDP growth of up to 2 percentage points. To mitigate the negative impact of COVID-19 the OECD makes four key recommendations: governments should boost confidence in trade and global markets by improving transparency; keep global supply chains running; avoid policies that make things worse (such as export controls on essential goods); and look for long-term solutions.