February 25: Comparing the economic stimulus of 2008 and 2020

Across countries, economic stimulus packages for the COVID-19 crisis outsized those for the 2008 financial crisis.

Source: McKinsey
Published: June 2020

Comparing the economic stimulus of 2008 and 2020

Across countries, economic stimulus packages for the COVID-19 crisis outsized those for the 2008 financial crisis. Governments worldwide knew lockdowns would have devastating financial repercussions, and spent an astonishing $10 trillion on economic stimulus in just two months.

Country & 2008 vs. 2020 Economic stimulus as % of GDP

Country: Germany
2008: 3.5
2020: 33.0

Country: Japan
2008: 2.2
2020: 21.0

Country: United States
2008: 4.9
2020: 12.1

Country: India
2008: 1.2
2020: 10.0

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