On Thursday, the 19th of March 2020, the richest nations of the world had again pledged to pour heavy money to aid the ailing global economy which has been in a rattling rancour over coronavirus’ financial fallouts, as the number of newer coronavirus cases in Europe, the new epicentre of China’s Wuhan coronavirus, had overwhelmed the globe and had been sending signals of a recession in a near-term outlook, while the number of coronavirus-related death in Italy had surpassed those in Greater China.
On top of that, leading to the death of more than 10,000 people and infecting 230,000 as of Thursday (March 18th) mid-day US trading hours, the coronavirus pandemic had thundered the globe and panicky responses in a swathe of sectors ranging from retail sales to global money markets to health care system had become more resounding, while analysts had already been comparing the scenario with worrisome periods likes of World War II, 1918’s Spanish Flu that killed 50 million people alongside the financially infertile periods during the Cold war.
Amid such an apocalyptic outlook in a majority of G20 nations with schools closed and industries stopped humming, adding that a havoc-scale recession “perhaps of a record magnitude” was near certainty, UN Chief Antonio Guterres said to the reporters in a video conference on Thursday (March 19th), “This is a moment that demands coordinated, decisive, and innovative policy action from the world’s leading economies.
We are in an unprecedented situation and the normal rules no longer apply. ” As of now, Brussels had pledged €750 billion worth of bond purchases alongside no-interest loan for small-business owner, Trump had signed off a war chest of a whopping $1 trillion, Downing Street had unfurled a $420 billion bailout package for UK firms, China had promised trillions of yuan in fresh stimulus to revive its battered economy and South Korea had allotted $39 billion.