Data gathered by Buyshares.co.uk indicates that the cumulative fiscal package to the Coronavirus pandemic by G20 member countries is $ 4.68 trillion.
The fiscal package is not final because the COVID-19 pandemic is yet to be contained fully.
Japan has the highest fiscal package
Japan has the highest fiscal response to the pandemic at $996.45 billion which is 19.5% of the country’s $5.110 trillion GDP. The United States package stands at $562.1 billion, representing 11% of the $21.2 trillion GDP. Australia with a GDP of $1.45 trillion has a fiscal response of $495.67 billion.
Canada’s fiscal response is $429.24 billion, representing 8.4% of the country’s $2.8 trillion GDP. Brazil is fifth with a fiscal response package of $332.15 billion or 6.5% of the country’s GDP of $2.02 trillion.
Other G20 countries with notable responses to the current pandemic include Poland ($316.82 billion), Germany ($250.39 billion), France ($204.4 billion), China ($194.18 billion), and Saudi Arabia ($163.52 billion) and the United Kingdom ($153.3 billion). South Africa has the least fiscal response of $5.11 billion which is only 0.1% of the $350 billion GDP.
Buyshares.co.uk’s research also overviewed the size of fiscal packages announced by G20 countries in response to the financial and COVID-19 crisis in 2009 and 2020. Japan’s fiscal response to the financial crisis was 2.2% of the GDP compared to the Coronavirus crisis which is 19.5% of the GDP.
The United States’ fiscal package to the financial crisis and COVID-19 was 11% and 5.9% of the GDP respectively. Australia’s response to the current pandemic is 9.7% of the GDP while for the financial crisis the rate stood at 1.8%.
Elsewhere, Canada’s response to the pandemic represented 8.4% of the GDP while in 2009, such a fiscal response was 2.8% of the GDP. For Brazil, the fiscal package released to mitigate the financial crisis in 2009 represented 0.5% of the GDP compared while theCovid -19 management package represents 6.5% of the GDP.