Apple Inc CEO Tim Cook reportedly told US President Donald Trump that the economic recovery after the coronavirus pandemic will likely to be V-shaped. According to a CNBC report, Apple’s top executive called Trump a few days ago to discuss the impact of COVID-19 on the economy.
Trump reportedly quoted Cook saying the Apple CEO believes the economy will have a V-shaped recovery where the economic downturn will be compensated with an equally good upswing. However, the tech giant has not confirmed the veracity of Trump’s claim yet.
The coronavirus outbreak has hit the global economy hard with massive disruption in the supply chain due to lockdowns and stay-at-home orders across the world. Meanwhile, the World Bank Group and International Monetary Fund (IMF) have urged countries to keep their trade open and allow markets to function, warning that export controls on medical supplies and other essentials could backfire.
At a virtual press conference during spring meetings of both institutions, IMF Chief Economist Gita Gopinath asserted that this is not a time to restrict the trade of medical supplies and essential equipment around the world. The IMF and World Bank's advocacy for free trade came as protectionist sentiments are growing across the globe amid the pandemic.
Earlier, the World Trade Organisation (WTO) and the World Health Organisation (WHO) had said in a joint statement that governments need to avoid measures that can disrupt supply chains and negatively impact the poorest and most vulnerable. Roberto Azevêdo and Tedros Adhanom Ghebreyesus, respective heads of WTO and WHO, called on the member states to continue sharing information about the measures with them, in line with the “established transparency mechanisms”.
The duo had emphasised on the importance of adherence to International Health Regulations (2005) and WTO rules to resolve unnecessary disruptions to global supply chains. According to the joint statement, any measures taken to promote public health that restricts trade should be “targeted, proportionate, transparent and temporary”, and consistent with recent calls from world leaders.