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Motilal Oswal Report
2020 was an extraordinary year. As Covid-19 spread across the world in early CY20, policymakers did whatever they could to mitigate its economic impact.
In this note, we take stock of the global, fiscal stimulus announced in CY20, and how much of that was financed by central banks.
Our calculations suggest that global fiscal deficit almost tripled to $6.5 trillion (or 9.8% of gross domestic product) last year from $2.2 trillion (or 3.2% of GDP) in CY19.
Although fiscal deficit expanded everywhere, the magnitude of response was divergent in advanced economies and emerging and developing economies.
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