The COVID-19 pandemic has cost lives and disrupted economic activity worldwide. It has impacted government budgets globally by reducing tax receipts and increasing spending on programs to save lives and transfer income to those adversely affected by the pandemic.
CGD Policy Blogs
Virtually all countries in the world have responded to the COVID-19 crisis by implementing fiscal and monetary measures, significantly larger in relation to national output than those employed during the 2008 financial crisis. The magnitude of fiscal measures to counter the shock varies across developing and advanced economies.