The President of United States (U.S.) – Donald Trump’s Administration is mulling a U.S. $ 1 trillion economic stimulus to contain the economic impacts of Coronavirus (COVID-19), including relief for small businesses and the airline industry, and U.S.$ 1,000 cheques for American workers.
Addressing the media, Trump said, “We’re going big and that’s the way it’ll be.”
Referring to COVID-19 as a hidden enemy, Trump tweeted, “The world is at war with a hidden enemy. WE WILL WIN!.”
The world is at war with a hidden enemy. WE WILL WIN!
— Donald J. Trump (@realDonaldTrump) March 17, 2020
The U.S. Secretary of Treasury – Steven Mnuchin informed the Republican Senators that the unemployment rate in the U.S. could rise to 20%, owing to COVID-19. He even said that the economic concerns would be worst than the 2008 financial crisis caused by Goldman Sachs.
Besides, the White House Office of Management and Budget has also submitted an emergency funding request to the U.S. Congress for an additional U.S. $ 45.8 billion to contain the pandemic.
The outbreak, which was first discovered in China, has so far infected 194,084 people globally. While China is now witnessing a downfall in the number of casualties and infected people, South Korea, United Kingdom (U.K.), Italy, U.S., Africa, India and other Asian countries are experiencing an upsurge in the number of casualties and reported cases.
As a precautionary measure, Taiwan has barred the foreign nationals from visiting the island. However, foreigners holding Taiwan resident permits, diplomatic visas or business visas will be allowed to enter. These new arrivals will be subject to 14-day home or hotel quarantine. Taiwan has so far issued travel warnings for 93 countries and has asked its people to avoid travel. All 27 European Union (EU) Nations, except Ireland, have signed off a ban on almost all foreign travel into the bloc for 30 days. Ireland falls in a common travel area with non-EU member Britain.
According to the International Air Transport Association (IATA), the global airline industry is also in deep crisis with most nations restricting the entry of foreign nationals. The global airline industry needs funds between U.S. $ 150 billion to U.S.$ 200 billion to survive the coronavirus crisis. Australia has also halted all overseas travel in an unprecedented move. The Government also banned non-essential indoor gatherings of more than 100 people including weddings.
The U.K. has promised an additional £ 330 billion to help businesses survive the severe economic impact of the pandemic. Her Majesty ‘Queen Elizabeth’ has cancelled all the garden parties at the Buckingham Palace and will move to Windsor Castle as a safety measure against the outbreak.
The online retail giant Amazon has said it has witnessed an increase in the online shopping of household staples and medical supplies. In the wake of the outbreak, Amazon is giving priority to these items and is putting on hold the other items.
A statement from Amazon read, “We are seeing increased online shopping and as a result some products such as household staples and medical supplies are out of stock. We are temporarily prioritising household staples, medical supplies and other high-demand products coming into our fulfilment centres so we can more quickly receive, restock and ship these products to customers.”
Malaysia, today, announced its first day of travel restrictions and business closures. These new measures, which are in effect until March 31, 2020, include prohibiting all Malaysian nationals from traveling abroad and all foreigners from entering the country. The Government has also placed a ban on social, religious and educational gatherings. Restaurants are allowed to operate but they cannot serve food on premises and must instead offer only delivery or takeaway.
Philippines has been placed under a “state of calamity” for 6 months due to the coronavirus pandemic. The Government is opening an emergency fund for Central and local Governments to help fight the virus.
Globally, 7,899 people have died of COVID-19 and 198,477 have been infected. Of these 7,899 deaths, 3,237 are in China, 2,503 in Italy, 988 in Iran, 491 in Spain, 175 in France, 103 in U.S., 84 in South Korea, 60 in U.K., 43 in Netherlands, 29 in Japan, 24 in Germany, 19 in Switzerland, 14 in Philippines, 11 in San Marino, 10 each in Belgium and Iraq, 8 in Canada, 7 in Indonesia and cruise ship Diamond Princess, 5 in Australia, Greece and Algeria, 4 each in Hong Kong, Egypt and Denmark, 3 each in Austria, Norway, Sweden, Poland, India and Lebanon, 2 each in Malaysia, Ireland, Luxembourg, Ecuador, Bulgaria, Argentina and Morocco and 1 each in Portugal, Brazil, Slovenia, Pakistan, Bahrain, Thailand, Taiwan, Turkey, Panama, Albania, Hungary, Moldova, Dominican Republic, Ukraine, Guyana, Guatemala and Sudan.
