USA: Following the COVID-19 pandemic, major efforts have been made to resurrect the world economy. Here are a few noteworthy instances:
1. United States: As the world's largest economy, the United States has played a significant role in global economic recovery. It implemented various stimulus measures, including direct payments to individuals and financial support for businesses. The Biden administration introduced a $1.9 trillion relief package called the American Rescue Plan to address the economic impact of the pandemic.
2. China: As the second-largest economy globally, China has taken steps to revive its own economy, which has a substantial impact on the global economy. The Chinese government implemented fiscal stimulus measures, increased infrastructure spending, and encouraged domestic consumption to support economic recovery.
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3. European Union: The European Union (EU) launched an extensive recovery plan called the Next Generation EU, worth €750 billion, to revive its member states' economies. This plan aims to support investments in sustainable growth, digitalization, and green initiatives to promote economic recovery.
4. Japan: The Japanese government implemented multiple stimulus packages to revive its economy, including measures to support businesses, provide financial assistance to individuals, and promote domestic tourism. Japan also hosted the postponed 2020 Olympic Games in 2021, which aimed to boost tourism and economic activity.
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5. United Kingdom: The United Kingdom introduced various economic stimulus measures, such as the Coronavirus Job Retention Scheme (furlough), financial support for businesses, and targeted investment in sectors affected by the pandemic. The government has also launched the Build Back Better initiative to promote infrastructure development and job creation.
6. Germany: Germany, the largest economy in Europe, implemented extensive economic support programs, including financial aid for businesses, job protection schemes, and investment in green technologies. The German government also played a significant role in coordinating European Union initiatives to revive the regional economy.
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These nations, along with others, have put in place a variety of policies to lessen the pandemic's economic toll and foster national and international recovery. For the world economy to recover in a way that is inclusive and sustainable, cooperation and coordination between the major economies have been essential.