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Which Countries Are Spending The Most On Coronavirus?

Posted 4 months ago

Which Countries Are Spending The Most On Coronavirus?
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Coronavirus has afflicted populations across the world. From small businesses shutting down, to mass unemployment, various nations have been prompted to introduce far reaching rescue packages in an attempt to soften the blow of what is expected to be the worst recession since the 1930s. 

It has been reported that as of April 7, countries around the world have approved more than $5.7tn worth of emergency measures according to the IMF. Naturally, that figure will have only grown in the months since. 

In this piece, NextFin compares the responses of various nations as they attempt to tackle the economic impacts of coronavirus to the size of their economies.

Top 15 countries by coronavirus spending 

Quartz | qz.com   Data: News reports, World Bank, IMF, St. Louis Fed, Eurostat

Country/Organisation

Total amount of Coronavirus Stimulus ($ billion)

Stimulus % of GDP

Current government debt to GDP (%)

Germany

$800

20.5%

61%

UK

$481

16.6%

100.9%

Spain

$291

15.6%

98%

Australia

$196

13.7%

30%

Denmark

$46

13.0%

28%

US

$2000

9.8%

105%

Australia

$72

5.1%

30%

Canada

$57

3.4%

85%

China

$394

2.9%

61%

EU, European Commission

$480

2.6%

80%

Italy

$49

2.3%

137%

France

$49

1.8%

100%

Japan

$4

0.1%

237%

India

N/A

N/A

69%

International Monetary Fund

$1000

N/A

N/A

Responding to the latest figures, CEO of Nextfin, Sacha Bright, said: “The UK, has the second largest package across the world, spending 16.6% of its GDP second to Germany at 20.5%, while the US is only at 9.8%.

“Although it is great to see that our government is supporting our economy with vast amounts of money, it's also sad to see that they are not being creative with this expenditure. 

“The trend across the world is to support businesses and individuals with debt, which to me is all about control. The government can control its citizens through debt. Equity investment, in my opinion, is a far better way to fund a business, by giving them freedom, you only have to look at the most successful organisations on the planet, and of them have been financed by equity: Google, Amazon, Facebook, Apple, Microcsoft etc. 

“Debt in the form of immediate government cash weighs businesses down, whereas creating schemes that tax credits and incentives encourages investment from the rich back into the economy.”



Authors: Oliver Murphy & Sacha Bright

Disclaimer

To the best of our knowledge, the information we have provided is correct at the time of publishing. Sacha Bright is not a solicitor or accountant and we recommend that you seek professional advice on any topic discussed.

Tagged: coronavirus entrepreneur news



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