Which countries have applied measures like stimulus checks and how much?
UK, United States, Spain, Germany, France, Turkey and more countries have announced stimulus packages in an effort to stave off economic and social collapse.
The coronavirus has caused countries to close down, business to close their doors and employees away from their offices and places of work. The global economy has taken a battering too with the sudden halt as oil prices have plummeted due to lack of demand. Workers have been laid off in various countries at a staggering rate and the governments in those countries are trying to respond with packages to stimulate the economy until life returns to normal. Here is a list of some of the world's largest nations and their plans to keep the economy and their citizens afloat in these unpredictable times.
Donald Trump has declared a national emergency in all 50 states. The enforcement of the Stafford Act allows governors to access funds to improve their medical services, testing and protective equipment. The president has also cleared a package worth $104 trillion and is trying to negotiate another one that will come it at almost $1 trillion. US citizens in need are being sent a check worth $1,200 with $500 for each additional child. The second package Trump is trying push through would also see a tax cut for the employed.
The UK remains in lockdown with Dominic Rabb saying on Thursday that they would remain locked down for at least another three weeks. A stimulus packeg worth £14.5 billion will see businesses paid for two weeks. The government have also announced £330 billion worth of state-backed loans to see people through this pandemic. “We will support jobs, we will support incomes and we will support businesses ... we will do whatever it takes,” said the UK's finance minister, Rishi Sunak.
Prime minister, Pedro Sánchez, has promised companies up to €200 billion to protect workers who had to be laid off due to the collapse of the economy during the coronavirus pandemic and resulting lockdown. Over 25% of that will (€600 million) be sent straight to social services. "We aren’t going to leave anyone behind," he said in a televised speech on Tuesday. "The state is going to take on the economic shock."
“We’re going to put €45 billion on the table to help businesses … We will guarantee bank loans up to €300 billion,” Bruno Le Maire, France's Finance Minister said earlier in the week. They will help the 3.5 million business and workers expected to suffer from the pandemic.
The German government will provide €1 billion in credit for business and plan to increase borrowing by as much as €150 billion. "The government measures to limit the outbreak of Covid-19 have put the (German) economy into an induced coma,” Carsten Brzeski, chief economist at ING Germany, said on Monday. “With a fiscal big bang, the government tries its own ‘whatever it takes’ to keep the patient alive,” he added.
Portugal's Finance Minister Mario Centeno says, "now is the time to combat the pandemic, but also to keep our economy functioning." On Wednesday, they announced a €9.2 billion package that will help those in need and also to offer liquidity to business currently struggling.
Canada has almost doubled the value of an aid package to help people and businesses deal with losses from the coronavirus outbreak, with Ottawa handing out more money than forecast, Finance Minister Bill Morneau said on Wednesday. The original package was worth €17 billion but that is now €34. “That is a significant change because of the scale and the significance for people of these benefits,” Bill Morneau, the country's Finance Minister said.
Turkey have announced what is called the Economic Stability Shield and will consts of €13 billion to alleviate the economic problems caused by the coronavirus. The stimulus will be used to increase pensions and to help support business.
Australia's government announced "€76 billion JobKeeper Payment to help keep Australians in jobs as we deal with the significant economic impact from the Coronavirus." The measures are aimed at helping business, workers and the broader community and that added JobKeeper Payment brings the total money injected into the economy to €187 billion.
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