The Group of Seven nations or G7
A Federal Open Market Committee meeting was held Monday night and the rate cut was unanimously approved Tuesday morning. A regular FOMC meeting was scheduled for the 18th. Back in 2008 during the global financial crisis, the U.S.
The wording was understood to include rate cuts and quantitative easing, and in fact just hours later, the U.S.
Analysts believe that other countries will now be encouraged to implement fiscal easing following the U.S.
So far this year, around 20 emerging economies have lowered their key rates and the number is expected to rise with the spread of COVID-19. Australia for
The International Monetary Fund and World Bank have also pledged to offer emergency loans.
Such global response is viewed as a preemptive move against
The number of infections has also topped ten-thousand worldwide outside of China.
As for South Korea, its central bank froze its key rate for this month but following the U.S.
The government has drawn up a supplementary budget worth eleven-point-seven trillion won, or more than nine-point-eight billion US dollars, surpassing the amount of a similar extra budget drafted during the 2015 MERS outbreak.
The budget will go towards enhancing the nationwide quarantine system, assisting small business owners and small- and medium-sized enterprises, reviving local economies and stabilizing employment and livelihood.
Including the latest budget, the economic stimulus package on fighting COVID-19 put together by the government and public sector so far totals 31.6 trillion won.
The government has also begun to restrict the number of face masks purchased at pharmacies to two per person per week.