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Asia turns on the fiscal taps to cushion coronavirus impact

As crisis drags on, governments face pressure to offer even more aid

Pedestrians in Seoul: Governments across Asia are scrambling to mitigate the economic impact of the coronavirus pandemic.   © Reuters

TOKYO/BANGKOK/NEW DELHI -- Cities across Asia and the world are under lockdowns and other restrictions to stem the spread of the new coronavirus. The longer the pandemic drags on, the worse the economic damage will be.

Central banks have already cut interest rates and, in some cases, expanded quantitative easing. But it is increasingly apparent that monetary policy alone will not be enough to cushion the shock for businesses and citizens.

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