The world’s wealthiest countries prepared more costly measures Tuesday to combat the global fallout of the coronavirus that has contaminated tens of thousands of individuals, prompted social restrictions unseen since World War II and sent economies tipping into recession.
With the highly contagious respiratory disease that started in China racing across the world to infect over 196,000 individuals so far, governments on every continent have implemented bizzare containment measures from halting travel to stopping sporting events and religious gatherings.
While the primary aim is to avoid deaths – currently at more than 7,800 – world powers were also focusing on how to limit the inevitably devastating economic impact.
On the earth’s largest economy, U.S. President Trump’s administration has suggested pumping $1 trillion into the market. Trump wants to send money to Americans within two weeks as the nation’s death toll approached 100 and more testing sent the number of coronavirus cases to more than 5,700.
Airlines are among the worst-blown industry, with U.S. carriers seeking at the least $50 billion in subsidies and loans to stay afloat as passenger numbers evaporate.
Britain, which has told people to avoid pubs, clubs, restaurants, cinemas and theaters, revealed a 330 billion pounds ($400 billion) rescue package for businesses threatened with fall
Budget estimates said the scale of borrowing needed might resemble the vast amount of debt taken on during the 1939-1945 war against Nazi Germany.