Virus Impact on Global GDP Will Be 'Catastrophic,' Pascal Lamy Warns

The transcript discusses the shift in market concerns from headline issues to global GDP contraction, highlighting the severe economic and trade consequences of the crisis. It explores the impact of deglobalization and the role of digital services, while considering the future of global trade amid increased government intervention. The discussion also differentiates between precautionism and protectionism, emphasizing the need for global capitalism to balance efficiency and resilience.

What is the market's primary concern regarding global GDP as discussed in the video?

• Stability in global GDP

• A contraction in global GDP

• A potential increase in global GDP

• Rapid growth in global GDP

Which sector is less affected by the crisis according to the video?

• Tourism

• Digital services

• Agriculture

• Manufacturing

What is the expected long-term impact of the COVID-19 crisis on global trade?

• Complete globalization

• A more fragmented regulatory playing field

• Unchanged trade regulations

• Unified global trade policies

What is the difference between protectionism and precautionism as discussed in the video?

• Precautionism focuses on economic growth, while protectionism focuses on trade barriers.

• Protectionism focuses on protecting consumers, while precautionism focuses on producers.

• Protectionism is about protecting producers from foreign competition, while precautionism is about protecting people from risk.

• Protectionism and precautionism are the same.

What challenge does global capitalism face according to the video?

• Decreasing consumer demand

• Reducing government intervention

• Increasing production costs

• Balancing efficiency and resilience