The response to the coronavirus pandemic has been unprecedented in terms of speed and scale. Commitments from governments and central banks to date are close to $7 trillion, according to an analysis by CNN Business.
The total includes government spending, loan guarantees and tax breaks, as well as money printing by central banks to buy assets such as bonds and stock funds. 30 days that brought the world to the brink of a depressionThe figure includes the $2 trillion US relief package working its way through Congress and an anticipated 30 trillion yen in stimulus from Japan that could be approved next month.
G20 leaders, who represent the world's biggest economies, said Thursday that they stand ready to do"whatever it takes" to minimize the economic damage from the pandemic and restore global growth."The magnitude and scope of this response will get the global economy back on its feet and set a strong basis for the protection of jobs and the recovery of growth," the leaders said in a joint statement after a video conference.
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