IN ORDER TO COPE WITH THE ECONOMIC IMPACT OF THE COVID-19, MANY COUNTRIES HAVE INTRODUCED OR PLANNED NEW ECONOMIC MEASURES SINCE THE 22ND, AIMING TO STABILIZE THE MARKET THAT FELL SHARPLY IN THE EARLIER PERIOD AND EASE THE PRESSURE OF ECONOMIC RECESSION. BUT THE MARKET BELIEVES THAT COUNTRIES SUCH AS THE UNITED STATES AND ITALY WILL EXPERIENCE A SIGNIFICANT ECONOMIC CONTRACTION IN THE SECOND QUARTER.TRILLION DOLLAR STIMULUS AWAITS FINAL RESULTSMEMBERS OF CONGRESS OF THE REPUBLICAN PARTY AND THE DEMOCRATIC PARTY OF THE UNITED STATES, AS WELL AS WHITE HOUSE OFFICIALS, HELD EMERGENCY CONSULTATIONS ON THE 21ST TO DEAL WITH THE NOVEL CORONAVIRUS EPIDEMIC RELIEF BILL, WHICH IS CLOSE TO REACHING AGREEMENT, WITH THE TOTAL AMOUNT EXPECTED TO EXCEED $1 TRILLION.SENATE MAJORITY LEADER MITCH MCCONNELL LED THE DRAFTING OF THIS BILL. HE SAID THAT THE TWO PARTIES HAVE MADE SIGNIFICANT PROGRESS AND ARE CLOSE TO REACHING A CONSENSUS ON THE CONTENT OF THE PROPOSAL, AND IT IS TIME TO FINALIZE THE DISCUSSION RESULTS.MCCONNELL SAID, "SMALL BUSINESSES ACROSS THE COUNTRY HAVE MADE IT CLEAR THAT THEY NEED HELP TO CONTINUE OPERATING AND PAYING THEIR EMPLOYEES, AND THEY NEED HELP NOWSENATE DEMOCRATIC LEADER CHUCK SCHUMER SAID, 'WE HAVE MADE VERY GOOD PROGRESS' AND ALL HOPE TO REACH AN AGREEMENT AS SOON AS POSSIBLE,' CONTINUE TONIGHT '.REPUBLICAN PRESIDENT DONALD TRUMP SAID AT A WHITE HOUSE PRESS CONFERENCE THAT THE GOVERNMENT AND SENATE ARE "WORKING HARD TO NEGOTIATE" AND "VERY CLOSE TO FINALIZING THE BILL.THE SENATE IS URGENTLY DISCUSSING THE RELIEF BILL, AND IF THE PROCESS GOES SMOOTHLY, IT IS EXPECTED TO ENTER THE FINAL VOTING STAGE ON THE 23RD. AFTER BEING PASSED BY THE SENATE, THE BILL WILL BE VOTED ON BY THE DEMOCRATIC CONTROLLED HOUSE OF REPRESENTATIVES.WHITE HOUSE ECONOMIC ADVISOR LARRY KUDLOW TOLD THE MEDIA THAT THE FINAL AMOUNT OF THE BILL IS EXPECTED TO BE BETWEEN $1.3 TRILLION AND $1.4 TRILLION, AND WITH OTHER MEASURES FROM THE FEDERAL RESERVE SYSTEM, IT IS EXPECTED TO PROVIDE A TOTAL OF OVER $2 TRILLION, WHICH IS APPROXIMATELY 10% OF THE UNITED STATES' ANNUAL GROSS DOMESTIC PRODUCT.THE DRAFT PREVIOUSLY ANNOUNCED BY MCCONNELL INCLUDES A ONE-TIME DISBURSEMENT OF UP TO $1200 TO MOST ADULT CITIZENS, $208 BILLION TO BUSINESSES SUCH AS AIRLINES THROUGH LOANS AND LOAN GUARANTEES, AND $300 BILLION TO SMALL BUSINESSES.SOME REPUBLICAN LAWMAKERS SAY THAT THE BILL ALSO INCLUDES PROVIDING A TOTAL OF $45.8 BILLION TO THE DEPARTMENT OF HEALTH AND HUMAN SERVICES, VETERANS ADMINISTRATION, AND DEPARTMENT OF DEFENSE.DEMOCRATS BELIEVE THAT THIS DRAFT IS NOT STRONG ENOUGH. SCHUMER REQUESTED FUNDING FOR UNEMPLOYMENT BENEFITS TO PROVIDE FOUR MONTHS' SALARY TO INDIVIDUALS WHO HAVE BEEN SUSPENDED OR DISMISSED, WITH THE SAME MONTHLY SALARY AS BEFORE THE OUTBREAK OF THE PANDEMIC. HE EMPHASIZED THAT THE FINANCIAL SUPPORT INVOLVED IN THE PROPOSAL IS AIMED AT AVOIDING LAYOFFS IN COMPANIES AND CANNOT BE USED TO INCREASE EXECUTIVE SALARIES. AT THE SAME TIME, COMPANIES SHOULD BE PROHIBITED FROM USING THE LOANS THEY RECEIVE TO REPURCHASE THEIR OWN STOCKS.THE ASSOCIATED PRESS REPORTED THAT THE PANDEMIC HAS LED TO A SURGE IN THE NUMBER OF UNEMPLOYMENT CLAIMS IN THE UNITED STATES. THE TOP PRIORITY FOR BOTH THE REPUBLICAN AND DEMOCRATIC PARTIES IS TO ENSURE THAT SUSPENDED PERSONNEL HAVE INCOME, BUT THERE IS DEBATE OVER HOW IT SHOULD BE DISTRIBUTED.SCHUMER ALSO CALLED FOR MORE FUNDING SUPPORT FOR THE PUBLIC HEALTHCARE SYSTEM AND STATE GOVERNMENTS, AS THEY ARE ON THE FRONT LINES. HE PROPOSED TO PROVIDE $100 BILLION TO HOSPITALS NATIONWIDE FOR THE PURCHASE OF MEDICAL SUPPLIES AND EQUIPMENT SUCH AS PROTECTIVE CLOTHING, VENTILATORS, AND HOSPITAL BEDS, AND TO HIRE ADDITIONAL MEDICAL STAFF.MULTIPLE COUNTRIES INTENSIFY EFFORTS TO STIMULATE THE ECONOMYIN ADDITION TO THE UNITED STATES, MANY COUNTRIES AROUND THE WORLD ARE ALSO STEPPING UP THEIR ECONOMIC STIMULUS MEASURES TO RESPOND TO THE IMPACT OF THE COVID-19 EPIDEMIC BY IMPLEMENTING MORE RELAXED FISCAL AND MONETARY POLICIES.THE AUSTRALIAN GOVERNMENT ANNOUNCED ON THE 22ND THAT IT WOULD INTRODUCE A NEW ROUND OF ECONOMIC STIMULUS MEASURES WITH A TOTAL AMOUNT OF 66.1 BILLION AUSTRALIAN DOLLARS (1 AUSTRALIAN DOLLAR IS ABOUT 0.58 US DOLLARS) TO DEAL WITH THE IMPACT OF THE COVID-19.AUSTRALIAN TREASURER FRYDENBERG SAID AT A PRESS CONFERENCE ON THE SAME DAY THAT THE 66.1 BILLION AUSTRALIAN DOLLARS ECONOMIC STIMULUS PLAN ANNOUNCED THAT DAY, ALONG WITH THE 105 BILLION AUSTRALIAN DOLLARS ANNOUNCED BY THE AUSTRALIAN GOVERNMENT ON THE 19TH TO INJECT INTO THE COUNTRY'S FINANCIAL SYSTEM TOGETHER WITH THE RESERVE BANK OF AUSTRALIA (RBA), AND THE 17.6 BILLION AUSTRALIAN DOLLARS ECONOMIC STIMULUS PACKAGE ANNOUNCED ON THE 12TH, BROUGHT THE TOTAL ECONOMIC STIMULUS TO ABOUT 189 BILLION AUSTRALIAN DOLLARS, EQUIVALENT TO 9.7% OF AUSTRALIA'S GROSS DOMESTIC PRODUCT (GDP).AUSTRALIAN PRIME MINISTER MORRISON INTRODUCED AT A PRESS CONFERENCE THAT THIS ROUND OF PLANS WILL PROVIDE SUPPORT TO FAMILIES (INCLUDING SUBSIDIES TO ELIGIBLE JOB SEEKERS AND WELFARE RECIPIENTS), HELP BUSINESSES MAINTAIN OPERATIONS (INCLUDING SUBSIDIES TO SMALL AND MEDIUM-SIZED ENTERPRISES AND NON-PROFIT ORGANIZATIONS), AND PROVIDE GUARANTEES TO BUSINESSES.ACCORDING TO BLOOMBERG, THE PHILIPPINE CONGRESS WILL DISCUSS A SUPPLEMENTARY BUDGET OF 200 BILLION PHILIPPINE PESOS (APPROXIMATELY 3.93 BILLION US DOLLARS) ON THE 23RD TO BOOST THE ECONOMY AFFECTED BY THE PANDEMIC. PHILIPPINE TREASURY SECRETARY CARLOS DOMINGUEZ STATED IN A SPEECH THAT THE STIMULUS FUNDS WILL NOT COME FROM THE EXISTING BUDGET, THERE WILL BE NO TAX INCREASES IN THE NEAR FUTURE, AND THE ONGOING INFRASTRUCTURE AND POVERTY REDUCTION PLANS WILL NOT COME TO A HALT.NEW ZEALAND FINANCE MINISTER ROBERTSON STATED IN A MEDIA INTERVIEW ON THE 22ND THAT THE COUNTRY WILL ANNOUNCE NEW ECONOMIC STIMULUS PLANS IN THE COMING DAYS. NEW ZEALAND ANNOUNCED ON THE 17TH THAT IT WOULD INJECT NZ $12.1 BILLION (US $7.31 BILLION) INTO THE MARKET, EQUIVALENT TO 4% OF THE COUNTRY'S GROSS DOMESTIC PRODUCT (GDP), TO EASE THE ECONOMIC CONTRACTION CAUSED BY BUSINESS INTERRUPTION CAUSED BY COVID-19.THE ICELANDIC GOVERNMENT ANNOUNCED ON THE 21ST THAT IT WILL TAKE EMERGENCY ECONOMIC MEASURES TO RESIST THE IMPACT OF THE COVID-19, WHICH IS WORTH ABOUT 1.6 BILLION DOLLARS AND IS MAINLY USED FOR THE LOAN FINANCING NEEDS OF ENTERPRISES AND THE UNEMPLOYED. IN ADDITION, OFFICIALS IN THE COUNTRY HAVE STATED THAT THEY MAY CONTINUE TO CUT INTEREST RATES DEPENDING ON THE DEVELOPMENT OF THE EPIDEMIC, EVEN THOUGH INTEREST RATES HAVE ALREADY BEEN CUT.RECENTLY, CENTRAL BANKS IN COUNTRIES SUCH AS THE UK, THAILAND, MEXICO, AND KENYA WILL HOLD INTEREST RATE MEETINGS, AND IT IS HIGHLY LIKELY THAT THEY WILL CONTINUE TO INCREASE THEIR EASING POLICIES. BLOOMBERG RECENTLY REPORTED THAT COUNTRIES AROUND THE WORLD HAVE ANNOUNCED OVER $1.9 TRILLION IN FISCAL STIMULUS POLICIES. AS THE PANDEMIC EASES AND ECONOMIC ACTIVITY RECOVERS, THE IMPACT OF THE PANDEMIC ON THE MEDIUM TO LONG TERM ECONOMY WILL RETURN TO NEUTRALITY, AND THE LONG-TERM PROSPECTS FOR EMERGING MARKETS REMAIN CLEAR AND POSITIVE.THE SHADOW OF ECONOMIC RECESSION IS GRADUALLY THICKENINGAFFECTED BY THE COVID-19 EPIDEMIC, ECONOMIC ACTIVITIES IN MANY ECONOMIES HAVE SHRUNK SIGNIFICANTLY, AND IT IS EXPECTED THAT THE ECONOMIC PERFORMANCE OF THE SECOND QUARTER OR EVEN THE WHOLE YEAR WILL DECLINE.AS THE COVID-19 HAS HIT ECONOMIC ACTIVITY HARD, GOLDMAN SACHS GROUP RECENTLY SHARPLY LOWERED ITS EXPECTATION OF US ECONOMIC GROWTH IN THE SECOND QUARTER FROM -5% TO -24%, WHICH WILL RECORD A DECLINE OF US GDP IN A SINGLE QUARTER, WHILE THE UNEMPLOYMENT RATE MAY SOAR TO 9% IN THE NEXT TWO QUARTERS.GOLDMAN SACHS POINTED OUT ON THE 20TH THAT US ECONOMIC DATA (ESPECIALLY MANUFACTURING DATA) HAS BEGUN TO FALL SHORT OF ECONOMISTS' EXPECTATIONS, AND THESE ARE ESTIMATED FIGURES BEFORE A LARGE NUMBER OF PEOPLE STAYED AT HOME TO AVOID THE EPIDEMIC. THE CURRENT RECORD FOR THE WORST PERFORMANCE OF THE US ECONOMY WAS SET DURING THE FIRST QUARTER RECESSION OF 1958, WHEN THE US ECONOMY SHRANK BY 10%.JPMORGAN PREVIOUSLY RELEASED FORECAST DATA STATING THAT THE US ECONOMY IS EXPECTED TO SHRINK BY 14% IN THE SECOND QUARTER, A DECREASE HIGHER THAN THE 8.4% CONTRACTION DURING THE FINANCIAL CRISIS IN THE FOURTH QUARTER OF 2008. BANK OF AMERICA PREDICTS THAT US GDP MAY DECLINE BY 12% IN THE SECOND QUARTER AND BEGIN TO RECOVER IN THE SECOND HALF OF THE YEAR.AT THE MARKET LEVEL, THERE HAS ALSO BEEN A CLEAR REACTION, WITH ALL THREE MAJOR STOCK INDICES IN NEW YORK EXPERIENCING WEEKLY DECLINES SINCE THE 2008 FINANCIAL CRISIS. THE DOW JONES INDUSTRIAL AVERAGE, THE S&P 500 STOCK INDEX, AND THE NASDAQ COMPOSITE INDEX HAVE ALL FALLEN 17.3%, 14.98%, AND 12.64% THIS WEEK, RESPECTIVELY, MAKING IT THE WORST WEEK IN 11 YEARS. COMPARED TO THE HISTORICAL HIGH SET IN FEBRUARY THIS YEAR, THE CUMULATIVE DECLINE OF THE THREE MAJOR STOCK INDEXES HAS EXCEEDED 30%.THE VOLATILITY INDEX (VIX), ALSO KNOWN AS THE PANIC INDEX, IS AS HIGH AS 65, FAR ABOVE THE ONE-YEAR LOW OF 11.75, INDICATING THE LEVEL OF ANXIETY AMONG INVESTORS. NOT ONLY THE PANIC INDEX, BUT ALSO THE TECHNICAL TREND FORECAST FOR THE US STOCK MARKET HAS NOT YET BOTTOMED OUT. THE DOW JONES INDUSTRIAL AVERAGE SHOWED A "DEATH CROSS" ON ITS LAST TRADING DAY LAST WEEK, WITH ITS 50 DAY MOVING AVERAGE FALLING BELOW ITS 200 DAY MOVING AVERAGE FOR THE FIRST TIME IN OVER A YEAR, INDICATING THAT SHORT-TERM SELLING PRESSURE IS EVOLVING INTO A LONG-TERM DOWNWARD TREND.REUTERS QUOTED INFORMED SOURCES AS SAYING THAT THE ITALIAN MINISTRY OF FINANCE CURRENTLY EXPECTS THE COUNTRY'S ECONOMY TO SHRINK BY ABOUT 3% THIS YEAR.THE SOURCE EMPHASIZED THAT THE SITUATION IS HIGHLY UNCERTAIN, STATING THAT THE INTERNAL FORECAST OF THE MINISTRY OF FINANCE IS BASED ON THE ASSUMPTION THAT RESTRICTIVE MEASURES THAT HAVE SEVERELY IMPACTED ECONOMIC ACTIVITY WILL GRADUALLY RELAX FROM AROUND THE END OF APRIL. AMONG A SERIES OF MEASURES AIMED AT KEEPING ITALIANS AT HOME, THE GOVERNMENT HAS CLOSED ALL SCHOOLS, BARS, AND RESTAURANTS, AND CANCELED SPORTS EVENTS AND PUBLIC GATHERINGS.ACCORDING TO OFFICIAL STATEMENTS, THESE MEASURES WILL BE LIFTED BETWEEN MARCH 25TH AND APRIL 3RD.THE MILAN BASED THINK TANK REF RECENTLY PREDICTED THAT AS THE THIRD LARGEST ECONOMY IN THE EUROZONE, ITALY'S ECONOMIC GROWTH RATE IN THE FIRST QUARTER WILL SHRINK BY 3% COMPARED TO THE PREVIOUS QUARTER, AND WILL FURTHER SHRINK BY 5% IN THE SECOND QUARTER.STARTING FROM THE THIRD QUARTER, THERE MAY BE A REBOUND, "REF POINTED OUT IN A RESEARCH REPORT, STATING THAT THIS WILL DEPEND ON" THE SITUATION OF THE EPIDEMIC AND THE ECONOMIC POLICIES ADOPTED BY THE GOVERNMENT