Beyond its dramatic death toll and the risk it poses to the worldwide health, the current pandemic has unleashed an economic crisis that has started showing terrible impacts on businesses and trade. The major slowdown induced by massive, long-term lockdowns throughout the world, coupled with unilateral targeted trade restrictions are likely to have devastating effects on the economy and the international trade.
According to a WTO report released on April 8th, “the world merchandise trade is expected to plummet by between 13% and 32% this year as the pandemic disrupts normal activity and life around the world”. SMEs are obviously particularly affected but the magnitude of this crisis is such no company can claim being immune from negative impacts.
Faced with a global challenge affecting every country, regardless of frontiers, wealth or development, national authorities and the international community (WTO, WHO, UN, G20…) show great concern and commitment to address the issue globally. It is clear that managing this worldwide crisis requires coordination and transparency and governments, international bodies are in the front line.
But they can’t act alone.
They need to be informed and advised by the business organizations that have the best knowledge of trade, companies and the reality of economic life on the ground.
The 16 Business Federations members of the Global Business Coalition, organization founded in 2008 in the wake of the economic crisis, are fully dedicated to help businesses on the ground and advocate on their behalf with their national authorities. Their aim is to make businesses and industries voices heard in order to find ways to preserve activity and employment in full accordance with safety measures likely to protect workers and customers health in those uncertain circumstances.
Within the Global Business Coalition, these federations also advocate on behalf of their members but in a global perspective, addressing major global challenges and regularly calling to the preservation of the multilateral trading order and trade openness. Through transparency, coordination, exchange of best practices, Global Business Coalition members do their best to analyze economic central issues and deliver a unique overview of the challenges to be tackled with at an international level.
In support of this acute, complex, multi-level crisis, Global Business Coalition members will continue to advocate for businesses and industries, trying to fine-tune the responses to be brought to the numerous challenges economy will be facing in the coming times.
You will find here Joint Statements and calls Global Business Coalition members will release to raise awareness about critical issues, relevant reports from international bodies/ organizations and independent think tanks, information detailing how GBC members support businesses locally… and any other material likely to ease the comprehension and comprehensive response to the crisis.