WTO’s Chief Economist describes U.S. economy during Covid-19
FARGO, N.D. (KVRR) – North Dakota State university invites the World Trade Organization’s chief economist to explain what the economic landscape looks like since dealing with Covid-19.
Robert Koopman touched on how issues in the service and agriculture industries may be temporary, the pros and cons of globalization and how our economic success is tied to eradicating Covid-19 and its mutations.
Even though last year’s economic downturn was hard Koopman says it wasn’t the the worst the U.S. has experienced.
“In the great financial crisis, trade declined around six times more than GDP declined. In this crisis, trade has only declined around twice as much as the GDP declined, and I would argue that that’s largely because of the liquidity provisions and the extensive fiscal support,” Koopman said.