The global consequences of the coronavirus pandemic will be more serious than the shocks from the 2008 financial crisis, the President of Russia Vladimir Putin said on March 26 at the G20 summit, the Kremlin press service reports.
“The current problems related to the new coronavirus pandemic will probably result in larger shocks than the 2008-2009 financial crisis, with the trade conflicts and sanctions exacerbating the recession,” Putin said.
According to the President, the main risk is a long-term unemployment with a peak above the 2009 level. The rise in unemployment, Putin believes, will provide the best assessment of the efficacy of anti-crisis measures.
The President stressed that it would be a mistake in the current situation to follow the “everyone is for himself” principle, because the crisis will definitely have a long-term effect on the global development.
Source: Rossa Primavera News Agency