A new report has revealed that four major central banks expanded their Quantitative Easing programs by a total of $9 trillion to help their economy recover from shock triggered by the outbreak of COVID-19 pandemic.

In the report released on Wednesday, Finbold, a London-based analytics firm disclosed that the United States Federal Reserve, European Central Bank, Bank of Japan and Bank of England pumped a total of $9 trillion into the economy amid the pandemic.

“Between January 2020 and November 2021, four major central banks expanded their Quantitative Easing programs by a total of $9 trillion to support their economies,” Finbold said.

The organisation in its report detailed that the central banks resorted to injecting more money into their various economies to support smooth recovery from COVID-19 pandemic.

It explained that the four major central banks expanded their quantitative easing program to not only support their economies but also the global financial market.

According to the report, the United States Federal Reserve and the European Central Banks each pumped $3.4 trillion into their economy in the heat of the pandemic.

It disclosed that the Bank of Japan and Bank of England also pumped $1.6 trillion and $0.6 trillion respectively to keep the country’s economy going amid the shocking impact of COVID-19.

The outbreak of COVID-19 had plunged the global economy into a historical crisis characterised by collapsing stock market, rising inflation and increasing unemployment rate.

However, the cumulative balance sheets of the four major central banks released in the report showed that the amount pumped into the economy rose by over 60 per cent from $15.5 trillion in 2019 to $24.5 trillion in 2021.

The early part of the COVID-19 crisis ushered in countries across the globe into various economic challenges including increased unemployment, recession, inflation amongst others.

The economic challenges were stemmed from lockdown measures that restricted business activities in countries across the globe.