West Unveils One Trillion Dollars To Rescue Global Economy Amid COVID-19 Outbreak

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Western powers have announced packages up to one trillion dollars to manage the aftereffect on the economy that will have due the infectious disease. 

Written By Vishal Tiwari | Mumbai | Updated On:

As the coronavirus outbreak continues to rage havoc across the world, western countries have unleashed all their might to tackle the crisis. The United States President is calling it a war and has decided to do whatever necessary to contain the global pandemic. As per reports, western powers have announced packages up to one trillion dollars to manage the aftereffect on the economy due to the infectious disease. 

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Coronavirus measures

According to reports, the United States has proposed a $1 trillion rescue plan, to boost the economy after the crisis is over. As per reports, the proposed rescue plan would see a possible $300 billion that would be used in helping small businesses avoid mass layoffs, $50 billion to help the airline industry and $150 billion to protect other sectors. 

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Meanwhile, the government of the United Kingdom unveiled a multi-billion pound or $39 billion rescue plan for its businesses and to support people's finances in these hard times. The United Kingdom government has promised to offer paid leave to its citizens even if they have not tested positive for the virus and have been just asked to stay at home because of symptoms. 

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As per reports, the Italian government has approved a $27 billion rescue package to support the businesses affected by the lockdown that was further extended by Prime Minister Conte on March 19. Germany has set aside $610 billion to help businesses, while France and Sweden have kept $50 billion each to tackle the outbreak. Switzerland has unveiled a $10 billion stimulus package to deal with the outbreak. 

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Japan is also looking to offer a stimulus package that would help the government tackle the economic fallout from the coronavirus outbreak. According to reports, the Japanese government will probably hand out cash payouts to households affected by the outbreak. The package could be worth more than $260 billion. The efforts will be part of the government's plan to avoid a possible recession that experts are predicting across the globe. 

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