1、CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i Fiscal and Monetary Policy Initiatives by Major Economies to Address COVID-19 August 7, 2020 Overview In response to the pandemic-related collapse in global economic growth in the first half of 2020, national governments,
2、central banks, and international organizations adopted unprecedented fiscal, monetary, and other measures to stabilize financial markets and stimulate growth. The policy responses directed at the initial liquidity crisis in the financial sector have also significantly raised government debt levels,
3、pushed unemployment rates to their highest levels in a generation, and reduced global economic growth by an estimated 3.0% to 6.0%. The human costs in terms of lives lost could permanently affect global economic output in addition to the cost of rising poverty levels, lives upended, shuttered busine
4、sses, and increased social unrest. Given the evolving nature of the health crisis, the economic crisis may persist longer than most forecasters previously have assumed. A resurgence of cases in the United States, Europe, Asia, and Africa has pushed some policymakers to re-impose restrictions, delayi
