As of November 2021, the U.S. goverment dedicated 26.46 percent of the GDP to soften the effects of the coronavirus pandemic. This translates to stimulus packages worth 5.54 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 6.7 percent. The global unemployment rate rocketed to 6.47 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 53.69 percent (308 trillion Yen or 2.71 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.

Since 2021, the large economies of Western Europe have been experiencing a surge in inflation, with inflation reaching as high as 11.84 percent in Italy during October 2022. During 2023 the rate of inflation in all these economies has fallen significantly, reaching as low as 0.67 percent in Italy and 3.17 percent in Germany. This inflationary episode is understood by economists to have been caused by several factors, notably the supply chain issues during the COVID-19 pandemic, pent-up consumer demand which was released after lockdowns ended, as well as policies of monetary and fiscal stimulus during the pandemic aimed at boosting economic activity.

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.

The statistic lists the 20 countries with the lowest inflation rate in 2023. In 2023, China ranked 5th with a inflation rate of about 0.23 percent compared to the previous year. Inflation rates and the financial crisis Due to relatively stagnant worker wages as well as a hesitation from banks to so easily distribute loans to the ordinary citizen, inflation has remained considerably low. Low inflation rates are most apparent in European countries, which stems from the on-going Eurozone debt crisis as well as from the global financial crisis of 2008. With continuous economical struggles and a currently sensitive economic situation throughout Europe, precautions were taken in order to maintain stability and to prevent consequential breakdowns, such as those in Greece and Spain. Additionally, the average European consumer had to endure financial setbacks, causing doubt in the general future of the entire European Union, as evident in the consumer confidence statistics, which in turn raised the question, if several handpicked countries should step out of the EU in order to improve its economic position. Greece, while perhaps experiencing the largest economic drought out of all European countries, improved on its inflation rate. The situation within the country is slowly improving itself as a result of a recent bailout as well as economic stimulus packages issued by the European Union. Furthermore, the Greek government managed its revenues and expenses more competently in comparison to the prime of the global and the Greek financial crisis, with annual expenses only slightly exceeding yearly revenues.

This paper explores how Japan’s aging population impacts the politics of monetary policy. Previous research suggest that the elderly have a variety of distinct policy preferences. Given that elderly voters also have higher voting rates, the rapid greying of the population could have significant effects on distributive struggles over economic policy across much of the developed world. In Japan, aging is advancing rapidly, and the central bank has engaged in massive monetary stimulus to induce inflation, which existing work suggests the elderly should oppose. Analyzing results from three surveys, this paper has three central findings: (1) the elderly tend to have higher inflation aversion, (2) the elderly display some opposition to quantitative easing (QE), and (3) despite such policy preferences, the concentration of elderly in electoral districts has no significant effect on the preferences either of legislative incumbents or candidates. The third finding is attributable to the fact that elderly opposition to quantitative easing is moderated by their partisan identification. Elderly Liberal Democratic Party voters have systematically lower opposition to quantitative easing, likely reflecting that these voters have aligned their preferences with the LDP’s policies.

In 2024, Japan's gross domestic product (GDP) grew by three percent at current prices, according to the second preliminary announcement in March 2025. A year earlier, the highest growth rate of Japan’s nominal GDP in almost three decades was recorded. The nominal GDP measures the value of all goods and services produced in an economy, including price changes. GDP growth and inflation Japan’s real GDP growth, which is adjusted for inflation, was lower at 0.1 percent. After decades of struggling with deflation and attempts to reach a two percent inflation target with economic stimulus packages and monetary easing policies, consumer prices in Japan increased by almost 3.3 percent in 2023, led by global inflation. This development prompted the Bank of Japan to shift its monetary policy and raise the short-term interest rate for the first time in 17 years in 2024. Japan lost its status as the third-largest economy Many countries have raised interest rates in response to higher inflation in the past years. Since Japan’s central bank has done so at a much slower pace, a widening interest gap emerged between Japan and other major economies of the world. This is also one of the reasons for the depreciation of the yen against the dollar. Due to the weak yen, Japan’s GDP declined when converted into U.S. dollars, resulting in Japan losing its status as the third-largest economy in terms of GDP to Germany in 2023.

The countries in the European Union with the greatest proportion of their citizens agreeing that the EU is doing enough to ensure that the transition to a green economy and energy system is fair are Malta, Cyprus, and Poland. On the other hand, France, Greece, and Germany have the greatest share of citizens responding that the EU is not doing enough.

The EU's premier climate policy at the current moment is the European Green Deal, a set of investment programs which seek to encourage economic activity through improving infrastructure and providing grants for private actors to create green technologies in Europe. In light of the United States' more extensive green stimulus package, the Inflation Reduction Act (IRA), however, many commentators have begun to view the EU's plans as being insufficient to manage a fair, equitable, and effective transition to a green economy and society.

We study supply and demand shocks in a disaggregated model with multiple sectors, multiple factors, input-output linkages, downward nominal wage rigidities, credit-constraints, and a zero lower bound. We use the model to understand how the Covid-19 crisis, an omnibus supply and demand shock, affects output, unemployment, and inflation, and leads to the coexistence of tight and slack labor markets. We show that negative sectoral supply shocks are stagflationary, whereas negative demand shocks are deflationary, even though both can cause Keynesian unemployment. Furthermore,complementarities in production amplify Keynesian spillovers from supply shocks but mitigate them for demand shocks. This means that complementarities reduce the effectiveness of aggregate demand stimulus. In a stylized quantitative model of the US, we find supply and demand shocks each explain about half the reduction in real GDP from February to May, 2020. Although there was as much as 6% Keynesian unemployment, this was concentrated incertain markets. Hence, aggregate demand stimulus is one quarter as effective as in a typical recession where all labor markets are slack.

The statistic shows the gross domestic product (GDP) per capita in Turkey from 1987 to 2024, with projections up until 2030. GDP is the total value of all goods and services produced in a country in a year. It is considered to be a very important indicator of the economic strength of a country and a change in it is a sign of economic growth. In 2024, the GDP per capita in Turkey was estimated to be around 15,463.29 U.S. dollars. Turkey and the economic crisis Due to slight economic growth, Turkey is beginning to be recognized as an emerging market and one of the newer industrialized countries in the world. After the global financial recession, many economical aspects of the country crashed. However, Turkey implemented stimulus packages, including temporary tax cuts, and as a result, Turkey’s economy recovered from the crisis faster than many other nations. Not only is Turkey’s economic recovery is evident in an annual rise in GDP, but also in a significant plunge in unemployment since the crash as well as in a decrease of the inflation rate , which reached decade-low levels. Turkey specializes in the production of clothing, automotive, iron and steel, chemicals and agricultural products. Due to a high agricultural output rate, Turkey has been efficient in food production and is viewed as one of the most plentiful producers of fresh fruit worldwide. Agricultural production has also seen growth over the years in the country; however Turkey has slowly become less dependent on it as a main source of income.

One of the major duties the Bank of England (BoE) is tasked with is keeping inflation rates low and stable. The usual tactic for keeping inflation rates down, and therefore the price of goods and services stable by the Bank of England is through lowering the Bank Rate. Such a measure was used in 2008 during the global recession when the BoE lowered the bank base rate from 5 percent to 0.5 percent. Due to the economic fears surrounding the COVID-19 virus, as of the 19th of March 2020, the bank base rate was set to its lowest ever standing. The issue with lowering interest rates is that there is an end limit as to how low they can go.

Quantitative easing

Quantitative easing is a measure that central banks can use to inject money into the economy to hopefully boost spending and investment. Quantitative easing is the creation of digital money in order to purchase government bonds. By purchasing large amounts of government bonds, the interest rates on those bonds lower. This in turn means that the interest rates offered on loans for the purchasing of mortgages or business loans also lowers, encouraging spending and stimulating the economy.

Large enterprises jump at the opportunity

After the initial stimulus of 200 billion British pounds through quantitative easing in March 2020, the Bank of England announced in June that they would increase the amount by a further one hundred billion British pounds. In March of 2020, the headline flow of borrowing by non-financial industries including construction, transport, real estate and the manufacturing sectors increased significantly.

According to Cognitive Market Research, the global silver bullion market size is USD XX million in 2024 and will expand at a compound annual growth rate (CAGR) of 4.00% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.2% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD XX million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.0% from 2024 to 2031.
Latin America market of more than 5% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.4% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
The US had the most significant global silver bullion market revenue share in 2024.

Market Dynamics of Silver Bullion Market

Key Drivers of Silver Bullion Market

Increasing Demand for Safe Haven Investments

The increasing wish for safe haven investments is driving the market for silver bullion to continue growing. Investors look for assets that deliver stability and wealth preservation throughout difficult economic, geopolitical, and market situations. Due to its inherent worth and historical importance as a wealth vault, silver is drawing more and more attention from investors trying to diversify their holdings and protect themselves from inflation and currency depreciation. The COVID-19 pandemic's aftereffects, trade disputes, and geopolitical tensions have all contributed to the current state of the global economy, which has raised investor anxieties and increased demand for silver bullion. Concerns about possible inflationary pressures are developing as governments execute large stimulus programs and central banks adopt loose monetary policies; this is pushing investors into physical assets like silver.

Increasing Industrial Applications Will Promote Market Expansion

The market for silver bullion is also expected to rise significantly due to the growing number of industrial uses. Due to its special qualities, which include its high conductivity, malleability, and resistance to corrosion, silver is used in a wide range of industries, including electronics, healthcare, automotive, and renewable energy. The industrial demand for silver is anticipated to grow in the upcoming years due to technological developments and advancements boosting demand in developing applications including solar panels, electric vehicles, and 5G technology. Silver's industrial demand is further bolstered by its antibacterial characteristics, which render it increasingly desirable in therapeutic applications. The market for silver bullion is expected to increase steadily as long as industries keep innovating and creating new goods that need silver. Investors who are eager to profit from the growing industrial need for this precious metal will be drawn to this market.

Restraint Factors Of Silver Bullion Market

Volatility in Precious Metal Prices will hinder market growth.

The price volatility of precious metals can have a substantial impact on the development of the silver bullion market. The price of silver can vary due to changes in currency values, geopolitical tensions, and global economic conditions. Investors get indeterminate as a result of these swings, which could make them unwilling to buy silver bullion. Investors who bought silver at higher prices may lose money as a result of abrupt price reductions, which could affect market liquidity and confidence. Businesses that use silver as a raw resource, such as manufacturers, face difficulties due to the unpredictable nature of silver pricing. Businesses may find it challenging to correctly manage expenses and plan production schedules in the face of shifting silver prices. Price variations can disrupt the supply chain, as suppliers and buyers are driving the changing market conditions.

Market participants may use hedging techniques or look for alternate investments to lessen the impact of price volatility, which could result in money being taken out of...

In 2024, projections show that three out of the five African regions will have an increased growth margin as a share of Gross Domestic Product (GDP) compared to 2023, showing hope for economic recovery post-COVID-19 restrictions. In 2023, the region of East Africa is projected to have the highest share of GDP growth in Africa. It will have an estimated five percent growth rate. Furthermore, compared to the 2022 projections, 2023 showed decreased growth rate, with the exception of West Africa. However, the growth rate may now be decreasing in 2023 compared to 2022 projections due to a number of factors, including a decrease in government stimulus, ongoing uncertainty related to the pandemic, and the potential for economic headwinds such as rising inflation and interest rates. In 2021, Africa's economy was projected to recover following the impact of the pandemic, with the regional real GDPs growing significantly. In 2020, Southern Africa registered the sharpest decline in GDP growth rate in the continent, at -5.6 percent. Southern and Central Africa were the regions that suffered the most in that year, due to the coronavirus (COVID-19) pandemic's impacts on economic growth in Africa.

The statistic shows the unemployment rate in South Korea from 2020 to 2023, with projections up until 2030. In 2023, the unemployment rate in South Korea was at around 2.71 percent. See the figures for the population of South Korea for comparison. Economy of South Korea South Korea is one of the world’s richest countries as well as a member of the G20, an organization made up of the 20 strongest economies in the world. Due to excessive growth from the 1960s to the 1990s, South Korea established itself as a developed country in the world with a strong economy and high wages. Continued economic growth is attributed to a robust export-oriented economy, which was deemed necessary for the country particularly due to a scarcity in natural resources as well as overpopulation in comparison to available living space. During the global financial crisis, South Korea surprised many economists by maintaining a stable economy and even experiencing economic growth, most notably during the peak of the crisis. Through stimulus packages as well as a high level of consumption, South Korea’s strong export-oriented economy was not affected as negatively as many other developed countries. South Korea’s economy primarily revolves around the production and export of technological goods. Some primary exports of the country include electronics, ships and automobiles. South Korea also has some of the largest shipbuilding companies worldwide, which are highly profitable but also have accumulated a rather large sum of debt over the course of several years.

“All of them!” most of us would probably say when asked what our favorite holiday is, but when given a choice, Americans favor Christmas over Thanksgiving and Halloween. Christmas is a civil holiday in the United States, and most Americans celebrate it regardless of their religious affiliation.

Shopping holiday

Christmas is an immense economic stimulus as well, and Americans are quite generous when it comes to spending money on Christmas gifts for their loved ones. Sales growth typically increases significantly during this season, and it took a painful hit during the 2008 recession – lucky for the economy, it has since recovered.

And a partridge in a Christmas tree

The most prominent accessory of Christmas festivities, the Christmas tree, is still a staple for Americans, with fake trees having risen in popularity over the years. Just like the allocated budget for presents, the amount Americans spend on trees, either real or fake, has increased significantly over the years. This is probably only partly due to generosity, and is more down to increasing prices, as shown in the Christmas Price Index, which shows the current cost for one set of each of the items mentioned in the Christmas song, “The Twelve Days of Christmas”. While it does not include Christmas trees, it’s a good indicator of consumer prices and inflation.