A new report from the Organization for Economic Cooperation says the global economy is in a worse decline than previously thought. The OECD says world trade will drop 13 percent this year. Chief economist Klaus Schmidt-Hebbel called the current crisis the worst recession since the Great Depression.

Klaus Schmidt-Hebbel: “The world economy is in the midst of its deepest, most synchronized recession in our lifetimes, certainly since the 1930s, I would say, caused by a global financial crisis and deepened by a collapse of world trade.”