(Reuters) – Bars, restaurants, cinemas and schools were shutting down from New York and Los Angeles to Paris and Dubai in a worldwide effort to combat the coronavirus pandemic, as financial markets tumbled despite emergency action by global central banks.
Germans were asked to cancel all vacations as Canada and other countries closed their borders to all visitors. In Spain, which has the second most COVID-19 cases in Europe after Italy, police used drones to order people to stay at home. Airlines slashed flights, shed jobs and asked governments for billions of dollars in loans and grants.
In contrast to much of the world, Mexico and Brazil still held large political rallies and the United Kingdom kept its schools open.
Global markets reeled on Monday, with U.S. stock indexes plunging 7% as the Federal Reserve’s second emergency rate cut to near zero stoked fears of a coronavirus-driven recession.
EU finance ministers were planning a coordinated economic response to the virus, which the European Commission says could push the European Union into recession.
Leaders of the G7 countries were due to hold a video conference on Monday to discuss a joint response. A White House adviser said the United States could pump $800 billion or more into the economy to minimize damage.
The World Health Organization (WHO) called on all countries on Monday to ramp up their testing programs as the best way to slow the advance of the pandemic.
“We have a simple message to all countries – test, test, test,” WHO Director General Tedros Adhanom Ghebreyesus told a news conference in Geneva. “All countries should be able to test all suspected cases. They cannot fight this pandemic blindfolded.”
GETTING WORSE IN ITALY
In Italy, there were 368 n