G7 set to tackle coronavirus’ impact on global economy

Finance ministers and central bank governors of G7 countries discuss global COVID-19 outbreak

The countries of the G7 bloc are ready to take measures to stem the coronavirus outbreak’s potential effects on the global economy, the U.S. Treasury said on Tuesday.

The statement came out of a teleconference of finance ministers and central bank governors of the G7 countries Canada, France, Germany, Italy, Japan, the U.K., and U.S. to discuss the outbreak.

The G7 countries are determined “to use all appropriate policy tools to achieve strong, sustainable growth and safeguard against downside risks,” said the U.S. Treasury.

“Alongside strengthening efforts to expand health services, G7 finance ministers are ready to take actions, including fiscal measures where appropriate, to aid in the response to the virus and support the economy during this phase,” said the statement.

The virus, which was first detected in December 2019 in the Chinese city of Wuhan, has caused hundreds of deaths globally and infected tens of thousands.

Economists expect the virus will damage the global economy by disrupting supply chains, including in such sectors as civil aviation, tourism and manufacturing, and trade.

Anadolu Agency

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