Each month that big economies spend in a near-complete blockade due to the coronavirus pandemic will take 2 percentage points of annual growth, according to the Organization for Economic Co-operation and Development (OECD).

“Our most recent estimates indicate that near-total shutdowns will directly affect sectors, accounting for up to one-third of gross domestic product (GDP) in large economies”, said the OECD Secretary-General, Jose Angel Gurría.

G-20 leaders who had a video conference yesterday.

“We estimate that for each month of limiting social and business activity, there will be a loss of 2 percentage points of the annual GDP growth. The tourism sector alone faces an output decrease as high as 70%. Many economies will fall into recession. This is unavoidable, as we need to continue fighting the pandemic, while at the same time putting all the efforts to be able to restore economic normality as fast as possible”, he added.

“The high costs that public health measures are imposing today are necessary to avoid much more tragic consequences and even worse impact on our economies tomorrow”, said also Jose Angel Gurría. “Millions of deaths and collapsed health care systems will decimate us financially and as a society, so slowing this epidemic and saving human lives must be governments’ first priority”, added he.