G7 sets forth to tackle economic damage due to Coronavirus, but reveals no specifications

Addressing the colossal damage the Covid-19 has caused to global economy, G7 commits to use “all appropriate policy tools” without giving any specifics.

Global economies at stake due to coronavirus.

With major economies around the world taking a hit due to the epidemic, the G7 finance ministers and central bank governors said on Tuesday that they were committed to using “all appropriate policy tools” to support economic growth. After giving this statement, G7 officials stopped short of outlining specific measures to contain damage from the coronavirus.

Expectations of a coordinated policy response by developed economies have risen in recent days but the statement confirmed an earlier Reuters report that the group was not ready to announce concrete policy steps.

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