Two new decisions to support the Australian citizen and restore economic growth
Two new decisions to support the Australian citizen and restore economic growth

Two new decisions from the Australian government today, in order to support the Australian citizen and also seeks to restore economic growth in the country, after the state of inactivity in the country due to Coruna. ، With the fast-spreading coronavirus posing a dire threat to economic growth, the Federal Reserve on Sunday night took the dramatic step of slashing interest rates to near-zero and unveiled a sweeping set of programs in an effort backstop the United States economy.

In that regard ، In addition to cutting its benchmark interest rate by a full percentage point, returning it to a range of 0 to 0.25 percent, the Fed said it would inject huge sums into the economy by snapping up at least $500 billion of Treasury securities and at least $200 billion of mortgage-backed debt “over coming months.”

On the other hand ، The remarkable Sunday afternoon action — a drastic move unlike any since the depths of the global financial crisis a dozen years ago — reflected the imminent peril facing the global economy as the virus shutters factories, quarantines workers and disrupts everyday life.

In that regard ، President Trump, who has been vocal in his criticism of the Fed, praised the central bank’s move and sought to assure worried Americans that food supplies would not be disrupted. After weeks of problems, the administration promised again to expand access to testing for the virus, but a top official added, “I’m not going to say that the lab testing issue is over.”

On the other hand ، The virus is wreaking havoc across the world, with Italy reporting 368 new deaths, bringing the toll there to 1,809 on Sunday — the largest one-day uptick yet of any country, and, some experts warned, a harbinger of the threat to the United States if the government does not take swift action.

The Centers for Disease Control and Prevention recommended Sunday that no gatherings with 50 people or more be held in the United States for the next eight weeks.

In that regard ، Germany announced it would close its borders with Austria, Denmark, France, Luxembourg and Switzerland, following several other European Union member states in restricting the freedom of movement across the Continent.

On the other hand ، The Vatican said on Sunday that its traditional services during the week before Easter, which usually draw tens of thousands of people, would not be open to the public next month, interrupting a historic tradition. Ireland closed pubs for two weeks, including on St. Patrick’s Day, while Austria banned gatherings of more than five people.

In that regard ، In the United States, more than 3,100 cases of the virus have been reported across 49 states as of Sunday, and public officials scrambled to enact stricter measures to slow the virus’s spread, including the shuttering of schools, restaurants, bars and other businesses.

On the other hand ، New York City’s public school system, the nation’s largest with 1.1 million students, will begin shutting down this week, Governor Andrew M. Cuomo said, in the city’s most aggressive and disruptive effort to slow the coronavirus. Minnesota, Rhode Island and South Carolina also closed schools.