As of November 2021, the U.S. goverment dedicated ***** percent of the GDP to soften the effects of the coronavirus pandemic. This translates to stimulus packages worth **** trillion U.S. dollars Economic impact of the Coronavirus pandemic The impact of the COVID-19 pandemic was felt throughout the whole world. Lockdowns forced many industries to close completely for many months and restrictions were put on almost all economic activity. In 2020, the worldwide GDP loss due to Covid was *** percent. The global unemployment rate rocketed to **** percent in 2020 and confidence in governments’ ability to deal with the crisis diminished significantly. Governmental response In order to stimulate the economies and bring them out of recession, many countries have decided to release so called stimulus packages. These are fiscal and monetary policies used to support the recovery process. Through application of lower taxes and interest rates, direct financial aid, or facilitated access to funding, the governments aim to boost the employment, investment, and demand. Stimulus packages Until November 2021, Japan has dedicated the largest share of the GDP to stimulus packages among the G20 countries, with ***** percent (*** trillion Yen or **** trillion U.S. dollars). While the first help package aimed at maintaining employment and securing businesses, the second and third ones focused more on structural changes and positive developments in the country in the post-pandemic future.

Global governments are set to spend billions in stimulus packages to boost economies in a post COVID-19 world. During the pandemic, emissions levels dropped significantly, giving governments the opportunity to introduce green stimulus packages to mitigate the climate crisis. As of ********, France had committed almost ** billion U.S. dollars in green stimulus packages. This includes environmental conditions for airline bailouts in addition to money to promote cycling and electric vehicles.

As of December 2020, the production and consumption of fossil fuels without any climate targets or additional pollution reduction requirements received almost *** billion U.S. dollars in economic stimulus packages in the global energy sector. Many governments have announced to spend billions in stimulus packages to boost economies in a post-COVID-19 world.

This paper explores the impact of the COVID-19 pandemic and fiscal policy interventions on the Korean and global economy to provide a scientific rationale for government policy interventions. We deployed a multi-region, multi-sector computable general equilibrium (CGE) model and the Global Trade Analysis Project (GTAP) database version 11A, with 2017 as the base year projected to 2020, the epitome of the COVID-19 pandemic. Two policy scenarios assessed the impacts of the pandemic and government fiscal stimulus interventions. Results indicated a global decline in real GDP and welfare, with supply chain disruptions and increased trade costs negatively affecting import and export volumes. Despite government fiscal measures boosting real GDP, Korea's economy contracted by 1.47% in 2020, deviating from its annual pre-pandemic growth of approximately 2%. Welfare losses reached US$57.38 billion, driven by decreased consumer spending and increased unemployment. Falling export and import volumes narrowed the trade deficit to US$197.04 billion. However, government fiscal measures led to a net impact of US$104.68 billion compared to the baseline scenario. Our study underscores the need for targeted budgetary measures to mitigate adverse effects, recommending policies to stimulate private household consumption, support affected sectors, and enhance Korea's international trade competitiveness.

This paper explores the impact of the COVID-19 pandemic and the Korean government's fiscal measures on macroeconomic and microeconomic shifts. Utilizing the Global Trade Analysis Project (GTAP) computable general equilibrium model and database version 11, with 2017 as the base year, we aggregated 160 regions and 65 sectors into 9 regions and 18 sectors. The model projected the global economy to 2020 using variables such as real GDP, population, capital stock, and labor supply for a baseline scenario. Two policy scenarios assessed the impacts of the pandemic and a fiscal stimulus package. Results indicated a global decline in real GDP and welfare, with disruptions in supply chains and increased trade costs negatively affecting import and export volumes. Sectors such as tourism were particularly impacted. Specifically, the Korean economy faced a significant negative impact from the pandemic. Despite government fiscal measures that positively influenced real GDP, Korea's real GDP contracted by 1.7% in 2020, deviating from the pre-pandemic growth changes of approximately 2% per year. Welfare losses amounted to US$103 billion, driven by decreased consumer spending and increased unemployment. Export and import volumes fell, leading to a narrower trade deficit of US$17 billion compared to the previous year. The study underscores the need for targeted fiscal measures to mitigate adverse effects, recommending policies to stimulate private household consumption, support affected sectors, and enhance Korea's international trade competitiveness.

SummaryNation Building – Economic Stimulus Plan projects for the Regional and Local Community Infrastructure Program and for Rail and Road projects from the Department of Infrastructure, Transport, Regional Development and Local Government### Further details

Nation Building – Economic Stimulus Plan projects for the Regional and Local Community Infrastructure Program and for Rail and Road projects from the Department of Infrastructure, Transport, Regional Development and Local Government

Note

      This content was directly extracted
      from the Australian government's website:
      http://data.australia.gov.au/ by a machine,
      please refer to the source for accurate and
      timely information.

India Union Budget: Central Sector Schemes: Department of Commerce: Stimulus Package for Export Credit: NIRVIK Yojana data was reported at 0.100 INR mn in 2022. India Union Budget: Central Sector Schemes: Department of Commerce: Stimulus Package for Export Credit: NIRVIK Yojana data is updated yearly, averaging 0.100 INR mn from Mar 2022 (Median) to 2022, with 1 observations. India Union Budget: Central Sector Schemes: Department of Commerce: Stimulus Package for Export Credit: NIRVIK Yojana data remains active status in CEIC and is reported by Ministry of Finance. The data is categorized under India Premium Database’s Government and Public Finance – Table IN.FB035: Union Budget: Central Sector Schemes. FY2021-2022 – Budget Estimates FY2020-2021 – Revised Estimates FY2019-2020 & Before – Actuals

Global COVID-19 The Road to Economic Recovery is segmented by Application (Healthcare, Government, Retail, Tourism, Technology), Type (Healthcare Solutions, Digital Transformation, Remote Work Technologies, Economic Stimulus Programs, Supply Chain Recovery) and Geography(North America, LATAM, West Europe, Central & Eastern Europe, Northern Europe, Southern Europe, East Asia, Southeast Asia, South Asia, Central Asia, Oceania, MEA)

。Union Budget: Central Sector Schemes: Revenue: Department of Commerce: Stimulus Package for Export Credit: NIRVIK Yojana数据按每年更新，2022至2022期间平均值为0.100INR mn，共1份观测结果。CEIC提供的Union Budget: Central Sector Schemes: Revenue: Department of Commerce: Stimulus Package for Export Credit: NIRVIK Yojana数据处于定期更新的状态，数据来源于Ministry of Finance，数据归类于India Premium Database的Government and Public Finance – Table IN.FB036: Union Budget: Central Sector Schemes: Revenue。

In order to overcome the immediate negative impact of COVID-19, the Ministry of Planning, Finance and Industry has issued a comprehensive economic stimulus plan namely “Overcoming as One: COVID-19 Economic Relief Plan-CERP” having 7 Goals, 10 Strategies, 36 Action Plans and 76 Actions, covering a broad range of extraordinary fiscal and monetary measures, combined with a set of human-focused and common-sense policy responses. The issued date is 27 April 2020. The Covid-19 pandemic remains an on-going global crisis. Accordingly, this CERP must also remain as a living document, revised constantly as circumstances and events demand.

The Japanese government announced an updated version of economic emergency relief package on April 20, 2020, in response to the growing impact of the coronavirus disease (COVID-19) on Japan's economy. The planned stimulus package reached a value of approximately *** trillion Japanese yen ,more than twice the amount of the economic measures taken by the government in 2009 when the global economic recession occurred. Compared to the last version released on April 7, roughly **** trillion yen was added to the plan.

In April, the government declared a state of emergency for all ** prefectures and insisted citizens to stay home and work from home until the end of May. It was, however, lifted in ** prefectures on ****** as the number of new infection cases went down. As of May 18 , 2020, there were a total of ****** confirmed cases of COVID-19 in Japan.

This data package includes the underlying data to replicate the charts presented in Lessons from China's fiscal policy during the COVID-19 pandemic, PIIE Working Paper 24-7.

If you use the data, please cite as: Huang, Tianlei. 2024. Lessons from China's fiscal policy during the COVID-19 pandemic. PIIE Working Paper 24-7. Washington: Peterson Institute for International Economics.

China’s export benefits from the significant fiscal stimulus in the United States. This paper analyzes the global spillover effect of the American economy on China’s macro-economy using the Markov Chain Monte Carlo (MCMC)-Gibbs sampling approach, with the goal of improving the ability of China’s financial system to protect against foreign threats. This paper examines the theories of the consequences of uncertainty on macroeconomics first. Then, using medium-sized economic and financial data, the uncertainty index of the American and Chinese economies is built. In order to complete the test and analysis of the dynamic relationship between American economic uncertainty and China’s macro-economy, a Time Varying Parameter-Stochastic Volatility-Vector Autoregression (TVP- VAR) model with random volatility is constructed. The model is estimated using the Gibbs sampling method based on MCMC. For the empirical analysis, samples of China’s and the United States’ economic data from January 2001 to January 2022 were taken from the WIND database and the FRED database, respectively. The data reveal that there are typically fewer than 5 erroneous components in the most estimated parameters of the MCMC model, which suggests that the model’s sampling results are good. China’s pricing level reacted to the consequences of the unpredictability of the American economy by steadily declining, reaching its lowest point during the financial crisis in 2009, and then gradually diminishing. After 2012, the greatest probability density range of 68% is extremely wide and contains 0, indicating that the impact of economic uncertainty in the United States on China’s pricing level is no longer significant. China should therefore focus on creating a community of destiny by working with nations that have economic cooperation to lower systemic financial risks and guarantee the stability of the capital market.

This special topic poll is part of a continuing series of monthly surveys that solicits public opinion on the presidency and on a range of other political and social issues. In this poll, fielded February 2-4, 2009, respondents were asked whether they approved of the way Barack Obama was handling the presidency, foreign policy, the economy, and the campaign against terrorism. Opinions were collected about whether the country was going in the right direction, whether the condition of the economy was good, how long the recession would last, and what could be done to get the United States out of the recession. Respondents were asked their opinions of Speaker of the House Nancy Pelosi, Democrats in Congress, Republicans in Congress, and Congress as a whole. Several questions were asked about coal including questions that asked respondents whether they would approve of building plants that were powered by coal to generate electricity, whether it was a good idea to use coal to generate electricity, whether they thought doing so would contribute to global warming, whether they knew of any companies using technology to generate electricity from coal in a way that does not contribute to global warming, respondent's definition of "clean coal," and whether advertisements about "clean coal" technology had changed their opinion of whether it was possible to use coal to generate electricity in a way that was less likely to contribute to global warming. Other questions asked about the economic stimulus plan, how closely respondents had been following news about it, whether they approved of the federal government passing an economic stimulus bill, whether the bill would shorten the recession, and whether it was okay for the Democrats to pass the bill without the support of the Republicans in Congress. Additional topics addressed closing the United States prison in Guantanamo Bay, Cuba, abortion, job security, global warming, the concept of "nature versus nurture," and where people obtain their sense of morality. Demographic variables include sex, age, race, education level, marital status, household income, political party affiliation, political philosophy, voter registration status and participation history, religious preference, religious service attendance, and whether respondents considered themselves to be a born-again Christian.

Until 2018 the money supply in the United Kingdom had been increasing faster than in the United States or Japan, reaching a year-on-year broad money growth rate of 5.3 percent in 2018. This compares to 4.07 percent in the United States and 2.43 percent in Japan for the same year. However, in 2019 the broad money supply in the United Kingdom declined by -1.34 percent, whereas it grew by almost 8.4 percent in the United States.

Broad money is the most inclusive method of calculating the money supply within a given economy.

It is likely that the global coronavirus (COVID-19) pandemic will impact the broad money supply across many countries as governments enact stimulus packages in response to the resulting economic downturn. For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Fact and Figures page.

This data package includes the underlying data to replicate the charts, tables, and calculations presented in Fiscal policy and the pandemic-era surge in US inflation: Lessons for the future, PIIE Working Paper 24-22.

If you use the data, please cite as:

Dynan, Karen, and Douglas Elmendorf. 2024. Fiscal policy and the pandemic-era surge in US inflation: Lessons for the future. PIIE Working Paper 24-22. Washington: Peterson Institute for International Economics.

Canada FIN Forecast: Federal Government: Budgetary Surplus or Deficit before Net Actuarial Losses & Stimulus data was reported at -27,000.000 CAD mn in 2030. This records an increase from the previous number of -29,600.000 CAD mn for 2029. Canada FIN Forecast: Federal Government: Budgetary Surplus or Deficit before Net Actuarial Losses & Stimulus data is updated yearly, averaging -31,150.000 CAD mn from Mar 2021 (Median) to 2030, with 10 observations. The data reached an all-time high of -26,600.000 CAD mn in 2023 and a record low of -312,400.000 CAD mn in 2021. Canada FIN Forecast: Federal Government: Budgetary Surplus or Deficit before Net Actuarial Losses & Stimulus data remains active status in CEIC and is reported by Department of Finance Canada. The data is categorized under Global Database’s Canada – Table CA.F003: Government Revenue and Expenditure: Forecast: Department of Finance.

Small Business Market size was valued at USD 1901 Billion in 2023 and is projected to reach USD 3305 Billion by 2031, growing at a CAGR of 8.6% during the forecast period 2024-2031.Global Small Business Market DriversThe market drivers for the Small Business Market can be influenced by various factors. These may include:Digital Transformation: Small businesses are increasingly adopting digital tools and technologies to streamline operations, enhance customer engagement, and gain a competitive edge. Cloud computing, e-commerce platforms, CRM systems, and digital marketing are among the key technologies that small businesses are leveraging to scale and improve efficiency. This digital shift has been accelerated by the COVID-19 pandemic, which underscored the necessity of having an online presence and digital infrastructure.Access to Capital: Small business financing is becoming more accessible, with the rise of alternative lending platforms, microloans, and crowdfunding. Traditional banks are also adapting by offering more flexible loan products tailored to small businesses. Government initiatives and grants aimed at stimulating economic recovery post-pandemic have provided additional sources of funds, empowering small business growth and expansion.Remote Work and Flexibility: The trend toward remote work has opened new possibilities for small businesses to tap into talent pools beyond their geographic confines. This flexibility not only helps in cutting operational costs related to office space but also attracts a diverse workforce. Hybrid and remote working models have forced small businesses to adopt agile practices and invest in collaboration tools and cybersecurity measures.Consumer Preference for Local and Niche Products: There is a growing consumer trend favoring local, unique, and ethically sourced products. Small businesses have capitalized on this by offering personalized and authentic customer experiences that big corporations can’t easily replicate. Emphasizing local origins and sustainability often resonates well, driving customer loyalty and repeat business.Regulatory Changes: Changes in regulatory landscapes, including tax reforms, labor laws, and trade policies, can significantly impact small businesses. For instance, the recent shifts towards more favorable tax regulations for small and medium enterprises (SMEs) can ease financial burdens and encourage entrepreneurship. Compliance with new standards also drives innovation as small businesses adapt and optimize their operations.Technological Integration and Automation: The integration of AI and automation in small business operations is on the rise. These technologies help in optimizing supply chains, enhancing customer service with chatbots, and driving data-driven decision-making processes. Automation tools that manage inventory, customer relationships, and financial transactions reduce manual workloads and improve efficiency.Economic Recovery and Consumer Spending: The post-pandemic economic recovery has generally boosted consumer confidence and spending, which in turn benefits small businesses. Government stimulus packages and economic incentives have further stimulated spending and investment in the SME sector, leading to growth opportunities and market expansion.E-commerce Growth: The massive shift towards online shopping has opened up new sales channels for small businesses. E-commerce platforms like Shopify, Etsy, and Amazon make it easier for small businesses to reach a global audience. Additionally, advancements in payment gateways, logistics, and delivery services support small businesses in managing and fulfilling online orders seamlessly.Business Support Ecosystems: There is an expanding ecosystem of incubators, accelerators, mentoring programs, and business networks that offer crucial support to small businesses. These platforms provide funding, advocacy, mentorship, and educational resources, creating a robust support system that helps small businesses thrive and scale.Sustainability and Green Practices: Growing awareness and concern for the environment have led small businesses to adopt sustainable and eco-friendly practices. Whether it’s reducing carbon footprints, utilizing renewable energy, or offering green products and services, these practices appeal to environmentally conscious consumers and can lead to cost savings and enhanced brand reputation.

Standard errors are given in parentheses.

United States CES: Northeast: Personal Taxes: 2008 Tax Stimulus data was reported at -757.000 USD in 2008. United States CES: Northeast: Personal Taxes: 2008 Tax Stimulus data is updated yearly, averaging -757.000 USD from Dec 2008 (Median) to 2008, with 1 observations. United States CES: Northeast: Personal Taxes: 2008 Tax Stimulus data remains active status in CEIC and is reported by Bureau of Labor Statistics. The data is categorized under Global Database’s USA – Table US.H043: Consumer Expenditure Survey: By Region.