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

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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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  (#20) Denmark

  • Copenhagen

  Total GDP: $360.51 billion

  GDP Per Capita (PPP): $61,733

  How Much They’re Spending In Their Stimulus Relief: 287 billon DKK ($42 billion)

  Where Does That Money Go: Denmark's plan essentially freezes the economy. Over a three-month period, the government will pay 75% of employee salaries for private companies. The plan, designed to prevent mass layoffs, covers much of the payroll costs for private companies for 13 weeks.

  The government will also guarantee 70% of new bank loans to encourage lending. The spending package is equivalent to 13% of the country's GDP spent in three months.

  As of April 20, 2020 Denmark has blocked companies registered in tax havens from accessing any state provided financial aid.
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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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  (#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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  (#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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  (#18) South Africa

  • Bloemfontein, Cape Town, Pretoria

  Total GDP: $369.85 billion

  GDP Per Capita (PPP): $6,193

  How Much They’re Spending In Their Stimulus Relief: More than ZAR 3 billion ($160 million)

  Where Does That Money Go: The South African government offered a four-month tax subsidy for low-wage workers, funds for businesses struggling during the pandemic, and a Temporary Employee Relief Scheme that provides wage payments for companies. 

  The government also created a debt relief fund to help small- and medium-sized businesses. The policies attempt to provide a safety net for the country's economically vulnerable people.

  In addition to public funds, private businesses have pledged ZAR 5.5 billion to support citizens and businesses. 

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