COVID-19 Report

The sheer scale of the interventions needed to confront the health and economic consequences of the COVID-19 pandemic has challenged governments’ capacity to manage resources effectively and equitably in unprecedented ways. By the end of 2020, governments had already mobilized $14 trillion in fiscal policy responses of different types. These included additional spending measures, tax relief programs, and loans and loan guarantees – all aimed at funding necessary health services, addressing income losses and keeping economies afloat. Fiscal responses look different across countries—and have been much larger in richer countries—but everywhere they represent a very significant departure from normal fiscal policy processes.