The world is now responding to the greatest crisis since World War II and is in the midst of an unprecedented fiscal and monetary response to the COVID-19 pandemic. There are massive amounts of resources being devoted to solving the problems being faced by every country and every citizen on the planet. There is not yet, however, a good understanding of the scale and scope of global resources being devoted to the problem, nor the actual size of the problem. While we still do not know the full impact of the pandemic in terms of lives lost and the public health ramifications, we do know that the fiscal response will be massive and have consequences that will ripple through the global economy, affecting future policy decisions for years to come.
Photo: International Monetary Fund