It is estimated that the recent global outbreak of Covid-19 has caused a downturn in global GDP by 2-3%.

Suppose the Canadian government wants to use Fiscal and Monetary policy to stabilize the economy during the time of this outbreak. What actions should it take in terms of Fiscal Policy? In terms of Monetary Policy? Discuss how these policies work; include diagrams in your analysis.

Mention some of the actual measures that have been taken by the Government so far.