After the 2008 financial crisis, world capitals (particularly in the West) adopted a decade-long austerity approach; G20 nations gingerly agreed to a stimulus equivalent to 2% of global GDP. Now, the International Monetary Fund (IMF) has estimated that countries have cut taxes or increased spending by US$11.7 trillion (RM48.7 trillion) thus far — 12% of global GDP — in response to the economic pain and disruption of the pandemic and related public-health measures.
Governments are passing relief packages of record size, numbering into billions of dollars. In Asean, the size of stimulus programmes has varied from 5.7% of GDP in […]
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