Wednesday, July 22, 2026

U.S., Japan, England, European central banks pumped $9 trillion to support economic recovery from COVID-19: Report

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

• November 17, 2021
Bank of Japan, European Central Bank, U.S. Federal Reserve, and Bank of England
Bank of Japan, European Central Bank, U.S. Federal Reserve, and Bank of England

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.

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

farmers

Agriculture

FG tasks ECOWAS on leveraging financing strategies for agroecology

The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Katsina State

Politics

Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

three suspected cultists

Heading 2

Police nab three suspected cultists in Lagos

The command’s spokesperson said the suspects were arrested following credible information from members of the public. 

EBONYI STATE LOGO

States

Ebonyi government enforces strict regulations on mining

Mr Nkah warned the operators in the state that the government would no longer tolerate environmental degradation. 

FRSC personnel on highway

States

FRSC commences special operation to check road crashes in Ebonyi

Mr Asanya said that the operation would last from July 21 to July 23, from 7 a.m. to 1 p.m.

Cyber fraudster

Anti-Corruption

U.S. indicts Okeoghene Udugba for money laundering, defrauding FWS

The U.S.-based Nigerian, Okeoghene Patrick Udugba, 45, of Frisco, Texas, was indicted by a federal grand jury.

Lawyers

States

Kwara lawyers issue seven-day strike notice over unmet demands

According to the lawyers, a three-day warning strike was embarked upon between October 27 and October 28, 2025. 

Police officer

Port Harcourt

Police condemn gruesome killing of four in Rivers community

The command’s spokesperson described the incident as unfortunate and disturbing.