The invasion of the coronavirus disease (COVDI-19) has disrupted all social and economic structures around the world. Mass labor is stopped, businesses are forced shut and economic recession is redounding through all countries, leaving no one behind. Stock markets have reported a downturn in figures, making it hard to recover from a huge dip since the start of 2020.
Today we take a look at the economic situation of countries affected by the global crisis.
After many years of steady economy, Australia is now experiencing a downfall in their national situation. They have recorded plummeting household debts which put their employees at a more vulnerable state. Aside from government assistance, Australia is also approving grants for small businesses to surpass the crisis.
The Australian government allocated $320 billion to represent the fiscal and balance sheet support across the budget projection of 16.4% of the annual GDP. This aims to give assistance to businesses and households throughout the prolonged impact of this black swan scenario.
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The UK’s FTSE 100 and FTSE 250 have been experiencing major declines in the financial market since COVID-19’s outbreak last December 2019. However, as the US granted the $2 trillion rescue plan, gains were seen in their figures.
HMRC passed the Coronavirus Job Retention Scheme, providing grants to firms to cover the wages of furloughed employees. Various financial supports are also given to companies based on their annual turnovers.
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Singapore proved to be a proactive country in dealing with the pandemic. Since the outbreak, they have passed three stimuli packages to give aid to professionals and to businesses alike: the Unity Budget, the Resilience Budget, and the Solidarity Budget.
They have provided financial grants to households, employees, and companies to keep them afloat during the crisis. Though there had been a slump in its economic growth, Singapore continues to provide assistance to the public and gradually get back up in the game.
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Like the UK, there is a massive stock market hits in the US as well. The S&P 500 index dropped 7 percent when the March 9 session opened, resulting in a “circuit breaker.”
The US has also reported mass layoffs and business shutdowns due to the economic recession the pandemic caused. Small business support is provided through the Coronavirus Aid, Relief, and Economic Security (CARES) Act which offers loans and financial aids to business owners.
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The COVID-19 outbreak is dubbed as a major black swan to disrupt the global economy. Governments are taking necessary measures to aid the recession, provide timely assistance, and keep businesses alive all at the same time.
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