国际英语资讯:Spotlight: IMF, World Bank urge countries to keep trade open amid COVID-19 pandemic_时事

国际英语资讯:Spotlight: IMF, World Bank urge countries to keep trade open amid COVID-19 pandemic

"If each country imposes restrictions, then the global price increases even more than it would have. And it can end up being a self-defeating policy," Mattoo said at a recent press call, in response to a question from Xinhua.

The World Bank economist also noted that such measures would hit those countries who rely on these badly needed medical supplies, especially poor countries, which import a lot of drugs, ventilators and masks.

Despite that, Jeffrey Sachs, a renowned economics professor at Columbia University, told Xinhua that he thinks there will be more protectionism in Western countries, both in the United States and the Europe.

China will have to work hard to secure long-term supply chains and two-way trade, including with Association of Southeast Asian Nations (ASEAN), Africa and South America, said Sachs, also a senior United Nations advisor.

"I believe that China, Japan, (South) Korea, and ASEAN should work hard for a swift recovery and open trade amongst themselves," said Sachs. "East Asia could be back in business because East Asia never lost control of the epidemic."

As the global economy is on track to shrink "sharply" by 3 percent this year due to the pandemic, the IMF chief economist highlighted the importance of keeping trade open in global recovery.

"The world needs a healthy recovery. It needs a strong recovery. And that will not come about if the world de-globalizes because that would severely reduce productivity in the world," Gopinath said. "And that's the last thing we want at this time." Enditem