The rapid spread of the Coronavirus since it was first reported in China has dealt an unprecedented shock to the global economy. Here’s a look at developments on Tuesday.
G7 officials plan to coordinate weekly on the implementation of various support efforts and they vow they are ready to take further action.
They pledged Tuesday to do “whatever is necessary” to restore economic growth and protect jobs and the financial system in the wake of the Coronavirus outbreak. The G7 noted support from the U.S. Federal Reserve and other central banks and said the global financial system was in better shape to withstand shocks now than it was during the 2008 financial crisis because of the banking reforms.
Nike’s online sales jumped in China during the Coronavirus outbreak there, helping the company offset a plunge in revenue from thousands of shuttered stores in that country.