Random Things about How Governments Around World Are Responding To Economic Impact Of CoV (20 items)

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  (#3) Japan

  • Tokyo

  Total GDP: $5.41 trillion

  GDP Per Capita (PPP): $43,043

  How Much They’re Spending In Their Stimulus Relief: 108 trillion yen ($989 billion)

  Where Does That Money Go: Japan's stimulus relief includes cash payments for families and small business owners. The government also rolled out zero-interest loans and tax breaks to support people. 

  Japan announced its first coronavirus relief package in February 2020, before most other countries. In March and April, the government passed additional spending bills. The April plan included payments of up to $2,800 per household for anyone who faced income decline due to the pandemic.
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  (#15) Mexico

  • Mexico City

  Total GDP: $1.32 trillion

  GDP Per Capita (PPP): $10,406

  How Much They’re Spending In Their Stimulus Relief: TBD

  Where Does That Money Go: Rather than focusing on a business bailout, Mexico's government focused on social spending. In April 2020, President Andrés Manuel López Obrador announced the government would expand social programs and invest in new jobs. The plan included an effort to create 2 million jobs in nine months, including through infrastructure projects. 

  Mexico's response also included higher health spending and cuts to government salaries. The government initiated a lending program for small- and medium-sized companies and rearranged social pension and disability payments to maximize immediate payments.
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  (#1) United States of America

  • Washington, D.C.

  Total GDP: $22.32 trillion

  GDP Per Capita (PPP): $67,427

  How Much They’re Spending In Their Stimulus Relief: $2.2 trillion

  Where Does That Money Go: In March 2020, the US government passed three coronavirus relief bills. The largest allocated $2.2 trillion, representing the largest economic relief package in US history.

  The relief package includes $1,200 payments for adults and $500 payments for children, with phased-out support for higher-earning Americans.

  The package also created a $367 billion employee retention fund targeted at small businesses. Unemployed Americans qualify for an additional $600 weekly payment from the federal government for four months. Unlike state-issued unemployment, the plan also covers freelance workers. 

  In addition to relief targeting individuals, the government provided loans totaling $17 billion for private companies linked to national security and $29 billion for national airlines.
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  (#14) Australia

  • Canberra

  Total GDP: $1.38 trillion

  GDP Per Capita (PPP): $52,952

  How Much They’re Spending In Their Stimulus Relief: A$194 billion ($124 billion)

  Where Does That Money Go: Australia passed three economic stimulus packages that focus on wage subsidies, income support, and increased payments for welfare recipients. The specific elements include a supplement to the government's unemployment program and direct payments to low-income Australians.

  The government's plan also encourages employers to keep employees on the payroll, with a $1,500 jobkeeper payment every two weeks granted directly to employees. 

  In addition to the federal response, all of Australia's states and territories passed additional stimulus packages.
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  (#2) China

  • Beijing

  Total GDP: $15.27 trillion

  GDP Per Capita (PPP): $10,873

  How Much They’re Spending In Their Stimulus Relief: RMB 2.6 trillion ($368 billion)

  Where Does That Money Go: The first country hit hard by the coronavirus pandemic, China has announced over 2.6 trillion yuan in stimulus spending. The plan includes payments to families and loans for small lenders. 

  The government offered a temporary monthly allowance aimed at low-income families. As the pandemic continued to hit the economy hard, the central government doubled the allowance for the months of March to June 2020. 

  In addition, China accelerated unemployment insurance disbursements so they reach the unemployed faster. The government's tax relief plans include a waiver on social security taxes.

  In March 2020, local governments also provided prepaid spending vouchers with the goal of increasing consumer spending. 
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  (#19) Singapore

  • Singapore

  Total GDP: $369.63 billion

  GDP Per Capita (PPP): $64,829

  How Much They’re Spending In Their Stimulus Relief: 59.9 billion Singaporean dollars ($41.8 billion)

  Where Does That Money Go: Singapore's economic approach combines wage subsidies to cover payroll, direct payments, and waivers for business expenses. The plan attempts to put more money into the hands of Singaporeans, including a direct payment of 600 Singaporean dollars to each adult in the country. 

  In addition, the government's approach eases costs for businesses by offering wage subsidies and waivers on business expenses, such as the country's foreign worker levy. 

  In April, Singapore's Finance Minister, Heng Swee Keat, said, "The situation remains highly fluid and uncertain. The government stands ready to provide further support should it become necessary."

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