Initial responses to the spread of coronavirus typically involved nationwide lockdowns that prevented work continuing in many sectors. This led governments, including those in the US2, Canada3, Ireland4, New Zealand5 and South Korea6, to initiate a process of sending money out directly or indirectly to individual citizens, while some nations bailed out hard hit airlines and other industries. In Germany7 , the UK8 and elsewhere, large portions of salaries were covered by public funds. Other business-focused support schemes have involved grants given out directly by governments, guaranteed loans distributed through banks, equity support provided in return for working capital and restructuring processes made radically more efficient.
As countries move from the initial ‘respond’ to the ‘recover’ phase of the current crisis, by necessity many will introduce new economic stimulus at unprecedented levels. Examples of stimulus packages already taking shape include the €1.35trillion of bond buying promised by the European Central Bank9 and the $750 billion pledged by the US Federal Reserve10,alongside low and negative interest rates globally. Germany, meanwhile, has introduced a large fund for distressed businesses and increased infrastructure spending. France11 has pumped extensive support into its auto industry, while Australia12 stepped up infrastructure expenditure. In China, liquidity has been injected into the banking system13.
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