Pandemic Preparedness and Response

How fiscal support is boosting our COVID-19 recovery

People in face masks strolling in Piazza di Spagna, Rome, Italy during the Covid-19 pandemic.

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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