Global economic policies amid COVID-19 crisis

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All countries’ economies throughout the world are staggering—no matter whether it’s developed, developing, or under-developed nations. As a result, there is a change in global economic policies. Government and national banks of all the countries have released relief package to support their economy from the impact of COVID-19 pandemic.

On 26th March, in the G-20 summit said, “it would inject around $5 trillion in the global economy to prop up income loss, unemployment, inflation, etc.

Below are the global economic policies by various countries:

  1. United States: The US Federal Reserve reduced interest rates and brought it to ZERO. In the US House, a bill has passed for a relief package of $2.2 trillion-dollar, the most significant relief aid in history.
  • Germany: German government announced a relief package for750 billion Euros to mitigate the mutilation due to the COVID-19 pandemic.
  • United Kingdom: The Bank of England has slashed interest rates in history ever to 0.10% and announced a bond purchased for 200 billion pounds.
  • Japan: Recently, Japan’s President has announced a relief package for 1 billion dollars, including tax relief, cash handouts to millions, etc. it is among one of the significant global economic policies.
  • Canada: The Bank of Canada cut interest rates in emergency meetings and bringing the interest rate to 0.25%. The central bank will also buy government securities in the secondary market.
  • India: The Reserve Bank of India slashed the repo rate to 4.4%. The government has announced a 1.7 trillion-rupee relief package for food safety and cash transfers.

These global economic policies will help countries to overcome through this COVID-19 pandemic.

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