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‘Pandemic makes global economy more fragile’

The COVID-19 pandemic has made the global economy more fragile by affecting both supply and demand, Turkey’s trade minister said Thursday.

The world has recently been facing unprecedented difficulties due to the pandemic, Ruhsar Pekcan stressed during an online session of the Organization for Economic Cooperation and Development (OECD) Ministerial Meeting.

Recalling measures by countries to mitigate its effects, she warned that they should be target-orientated, measured, temporary and transparent to avoid creating unnecessary obstacles to global trade.

She said the pandemic also revealed that relying on specific geographies for industrial production carries huge risks and global value chains that are currently facing problems should evolve into more durable and efficient structures.

Pekcan noted that the OECD hopes to establish a center in Istanbul so that its work can better benefit Turkey and nearby regions including the Balkans, the Middle East and North Africa.

The center is expected to open by the end of this year, she added.

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