Let us go with the assumption that we have so far managed to 'contain' any possible community transmission of the coronavirus or COVID-19. More than the stakeholders, we should be grateful to the almighty for this mercy.
Image used for representational purposes.
Corona Impact on Economy: Do We Need a Miracle to Stay Unscathed?
In a country of more than 130 crore people, containing the number of active cases to around 200+ thus far, has been nothing short of a miracle. Let us all hope that it stays that way till the world finds ways to tame the virus.
The Measures the US Took
But this is just one part of the story. The other part is about the damage the coronavirus pandemic has done to the global economy, and the kind of wealth destruction it has unleashed. While most of the countries have suffered as a result and much more damage is apprehended in the coming months, the response of our government has been very different from other counterparts.
The US has been the most proactive in countering the adverse impact of the virus. The US Federal Reserve was the first to slash rates by 50 basis points, followed by a similar cut a few days later. The American Central Bank has launched a mega quantitative easing programme, similar to the one launched in the aftermath of the global financial crisis in 2008, to keep the financial system up and running.
6/ We are already seeing some job losses. Today I’m increasing the Universal Credit standard allowance, for the next 12 months, by £1,000 a year. I’m increasing the Working Tax Credit basic element by the same amount. These measures will benefit just over 4 million households.
— Rishi Sunak (@RishiSunak) March 20, 2020
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coronavirus | COVID-19 | Economy
