Countries take measures to support their economies

Countries take measures to support their economies
Coronavirus pandemic hit the global economy, affecting not only developing countries, but also major global powers. According to the questionnaire filled by nearly 500 entrepreneurs in the United States, without urgent financial support 43 percent of small business companies can be closed here soon. At the moment, 24 percent of small businesses are temporarily closed in the U.S. The rest will have to do the same in a few weeks.

The United Kingdom experts said that the country faces the biggest slump in 300 years. They predicted that the number of unemployed in the U.K. can reach 3.5 million people soon due to quarantine measures. If the lockdown will last at least for three more months, the country's economy will slash by 35 percent, experts reported. To date, more than 98,000 people are infected with coronavirus in the U.K.
These are tough times and as I’ve said before, we can’t protect every business and every household. We came into this crisis with a fundamentally sound economy, powered by hard work and ingenuity of the British people and British businesses. So, while those economic impacts are significant, the Office for Budget Responsibility also expects them to be temporary,” said British Finance Minister Rishi Sunak.

New Zealand's Prime Minister Jacinda Ardern said she and her cabinet will take a 20 percent pay cut for the next six months in solidarity with those affected by the coronavirus pandemic. The statistics here is moderate. Almost 800 people here were discharged from hospitals out of 1,300 infected. To compare, with a similar number of cases Kazakhstan has only 260 recovered patients.

Like in New Zealand, the salaries of the governor and government members will be reduced by 20 percent in Hong Kong. Part of the savings will be allocated to support the poor population.

In Singapore, ministers and other officials first paid their monthly salaries to fight against COVID-19 and then announced that they would give up their salaries for three months. Meanwhile, the salaries of MPs were reduced by 50 percent.

Germany begins easing coronavirus lockdown to avoid the crisis. Chancellor Angela Merkel said that some smaller shops will start working next week despite the fact that the state of emergency here will last until at least May 3. Schools and service businesses will begin reopening from May 4. According to Johns Hopkins University, more than 132,000 people are infected with coronavirus in Germany.

To date, the number of global COVID-19 cases has surpassed two million.