While the main aim is to avoid deaths - currently at over 7,500 - global powers were also focusing their attention on how to limit the inevitably devastating economic impact. Airlines are among the worst-hit sector, with U.S. carriers seeking at least $50 billion in grants and loans to stay afloat as passenger numbers evaporate. Britain, which has told people to avoid pubs, clubs, restaurants, cinemas and theaters, unveiled a 330 billion pounds ($400 billion) rescue package for businesses threatened with collapse. France is to pump 45 billion euros ($50 billion) of crisis measures into the economy to help companies and workers, with output expected to contract 1% this year. A global recession beckons, with parallels to the 2008 financial crisis, economists say, though many predict a quick bounce back once the outbreak clears.

Source: bd News24 March 18, 2020 03:56 UTC