COVID fiscal stimulus

There were big differences between the announced and effective size of COVID-19 fiscal stimulus in major economies. This reflected inclusions of outlays that were already budgeted, delays in spending budgeted outlays, and cuts in other spending areas to compensate for higher COVID outlays.  South Africa’s stimulus is estimated by UNCTAD to have been the largest among the emerging markets considered, at about 4 percent of GDP, and only reflecting increased transfers.

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