Pandemic Preparedness and Response

How fiscal support is boosting our COVID-19 recovery

Fiscal support is being used to help recovery from the COVID-19 pandemic. Image:  Gabriella Clare Marino/Unsplash

Pragyan Deb

Economist, IMF

Davide Furceri

Economist, IMF’s Research Department

Jonathan D. Ostry

Professor of the Practice of Economics, Georgetown University

Nour Tawk

Economist, IMF

Naihan Yang

Machine Learning Specialist, Ant Group


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Fiscal measures by type and debt-to-GDP.
Countries with relatively more space favored above-the-line measures Image: Deb et al. (2021)

Effect of fiscal measures on exchange rates and stock price indices.
The bar shows the effect after 30 days of fiscal policy announcements (as % of GDP) on bilateral exchange rates and stock price indices. Image: Deb et al. (2021).
Effect of fiscal measures on IP, PMI, CLI unemployment, and sovereign CDS spreads (% (LHS), percentage points (RHS).
The effect on the unemployment rate is in percentage points and presented on the right hand-side axis. Image: Deb et al. (2021)


What's the World Economic Forum doing about tax?

 Effect of fiscal announcement shocks on IP, depending on country characteristics (%).
Light shaded bars denote no statistical significance. Image: Deb et al. (2021)

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Effect of fiscal announcement shocks on IP, by type and depending on the pandemic cycle (%).
High containment compared to low containment with fiscal policy effects. Image: Deb et al. (2021)
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Pandemic Preparedness and ResponseSocial Protection


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