Massive stimulus packages not enough to rescue coronavirus-hit economies

The battlefield terminology of “fiscal bazookas” and “fiscal firepower” used to describe governments’ massive stimulus packages give the impression that big spending alone will lift coronavirus-wracked economies out of their current doom.Unveiling Germany’s post-pandemic stimulus package of US$146 billion earlier this month, the usually tight-fisted Finance Minister Olaf Scholz sought to tap on that warlike rhetoric, saying the measures would bring Europe’s largest economy out of the downturn…

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