MOODY’S ANALYTICS 19
GLOBAL FISCAL POLICY IN THE PANDEMIC
Table 5: Macroeconomic Impact of Government Pandemic Aid in 10 Largest Economies
Real GDP, local currency, SAAR
World U.S. China Japan Germany U.K.
Baseline Counterfactual Baseline Counterfactual Baseline Counterfactual Baseline Counterfactual Baseline Counterfactual Baseline Counterfactual
2012USD
bil
Ann.
growth
2012USD
bil
Ann.
growth
2012USD
bil
Ann.
growth
2012USD
bil
Ann.
growth
2015CNY
bil
Ann.
growth
2015CNY
bil
Ann.
growth
2015JPY
bil
Ann.
growth
2015JPY
bil
Ann.
growth
2015EUR
bil
Ann.
growth
2015EUR
bil
Ann.
growth
2018GBP
bil
Ann.
growth
2018GBP
bil
Ann.
growth
2020Q1 84,775 (10.9) 84,389 (12.5) 18,952 (5.1) 18,780 (8.5) 81,671 (35.2) 81,262 (36.5) 545,000 1.2 544,736 1.0 3,194 (6.9) 3,170 (9.6) 2,201 (10.1) 2,196 (10.9)
2020Q2 78,792 (25.4) 75,759 (35.0) 17,258 (31.2) 16,106 (45.9) 91,388 56.8 85,874 24.7 501,140 (28.5) 494,290 (32.2) 2,874 (34.4) 2,775 (41.3) 1,773 (57.9) 1,641 (68.8)
2020Q3 84,916 34.9 80,228 25.8 18,561 33.8 16,521 10.7 94,553 14.6 90,564 23.7 526,742 22.1 505,644 9.5 3,134 41.4 2,842 10.0 2,084 91.1 1,898 78.9
2020Q4 86,328 6.8 81,089 4.4 18,768 4.5 16,482 (0.9) 96,869 10.2 92,496 8.8 538,909 9.6 510,521 3.9 3,158 3.0 2,753 (12.0) 2,116 6.1 1,943 9.7
2021Q1 86,996 3.1 80,952 (0.7) 19,056 6.3 16,239 (5.8) 97,028 0.7 91,971 (2.3) 535,012 (2.9) 502,474 (6.2) 3,099 (7.3) 2,788 5.1 2,089 (5.0) 1,916 (5.3)
2021Q2 87,791 3.7 81,267 1.6 19,368 6.7 16,481 6.1 98,160 4.7 91,597 (1.6) 537,631 2.0 502,912 0.3 3,161 8.3 2,942 24.0 2,202 23.6 1,997 18.0
2021Q3 88,747 4.4 82,750 7.5 19,479 2.3 17,096 15.8 98,721 2.3 92,376 3.4 532,778 (3.6) 501,821 (0.9) 3,215 7.0 3,008 9.2 2,226 4.3 2,033 7.5
2021Q4 90,070 6.1 84,687 9.7 19,806 6.9 17,829 18.3 100,178 6.0 94,105 7.7 541,302 6.6 515,120 11.0 3,191 (2.9) 3,002 (0.7) 2,236 1.8 2,077 8.9
2022Q1 90,540 2.1 85,826 5.5 19,829 0.5 18,217 9.0 101,442 5.1 95,710 7.0 540,490 (0.6) 518,252 2.5 3,196 0.5 3,024 2.9 2,258 4.0 2,128 10.2
2022Q2 91,568 4.6 87,403 7.6 20,123 6.1 18,748 12.2 102,834 5.6 97,454 7.5 545,895 4.1 526,654 6.6 3,241 5.8 3,081 7.8 2,277 3.5 2,166 7.4
2022Q3 92,428 3.8 88,650 5.8 20,266 2.9 19,027 6.1 104,332 6.0 99,096 6.9 550,808 3.6 533,739 5.5 3,280 4.9 3,137 7.5 2,294 2.9 2,194 5.2
2022Q4 93,219 3.5 89,649 4.6 20,390 2.5 19,181 3.3 105,875 6.0 100,634 6.4 555,215 3.2 539,903 4.7 3,307 3.3 3,178 5.3 2,307 2.4 2,218 4.5
2023Q1 94,006 3.4 90,558 4.1 20,537 2.9 19,324 3.0 107,373 5.8 102,171 6.2 557,807 1.9 543,915 3.0 3,338 3.7 3,217 5.0 2,318 1.9 2,237 3.5
2023Q2 94,779 3.3 91,414 3.8 20,685 2.9 19,483 3.3 108,852 5.6 103,650 5.9 559,226 1.0 546,409 1.8 3,360 2.7 3,245 3.5 2,329 1.8 2,253 2.8
2023Q3 95,534 3.2 92,239 3.7 20,835 2.9 19,659 3.7 110,327 5.5 105,140 5.9 560,615 1.0 548,672 1.7 3,381 2.5 3,270 3.1 2,338 1.6 2,265 2.2
2023Q4 96,285 3.2 93,042 3.5 20,984 2.9 19,829 3.5 111,774 5.3 106,616 5.7 561,961 1.0 550,864 1.6 3,401 2.4 3,293 2.8 2,346 1.5 2,275 1.8
2024Q1 97,047 3.2 93,835 3.5 21,141 3.0 20,003 3.6 113,303 5.6 108,141 5.8 563,275 0.9 552,693 1.3 3,421 2.3 3,314 2.6 2,358 2.0 2,287 2.3
2024Q2 97,789 3.1 94,593 3.3 21,288 2.8 20,169 3.4 114,803 5.4 109,614 5.6 564,556 0.9 553,690 0.7 3,438 2.1 3,333 2.3 2,369 1.8 2,298 1.9
2024Q3 98,504 3.0 95,328 3.1 21,427 2.6 20,332 3.3 116,231 5.1 111,039 5.3 565,804 0.9 554,301 0.4 3,454 1.9 3,351 2.1 2,378 1.6 2,308 1.7
2024Q4 99,202 2.9 96,059 3.1 21,569 2.7 20,506 3.5 117,618 4.9 112,437 5.1 567,020 0.9 555,056 0.5 3,468 1.7 3,367 1.9 2,386 1.3 2,316 1.4
2025Q1 99,881 2.8 96,794 3.1 21,706 2.6 20,683 3.5 118,990 4.7 113,852 5.1 568,204 0.8 556,008 0.7 3,480 1.4 3,381 1.7 2,392 1.1 2,323 1.2
2025Q2 100,545 2.7 97,522 3.0 21,834 2.4 20,853 3.3 120,352 4.7 115,241 5.0 569,350 0.8 557,197 0.9 3,491 1.2 3,395 1.6 2,400 1.3 2,331 1.5
2025Q3 101,206 2.7 98,249 3.0 21,964 2.4 21,022 3.3 121,708 4.6 116,610 4.8 570,457 0.8 558,520 1.0 3,501 1.2 3,408 1.6 2,408 1.3 2,340 1.5
2025Q4 101,875 2.7 98,985 3.0 22,098 2.5 21,198 3.4 123,063 4.5 117,942 4.6 571,528 0.8 559,832 0.9 3,511 1.1 3,421 1.6 2,417 1.5 2,350 1.8
2020 83,703 (3.5) 80,366 (7.4) 18,385 (3.4) 16,972 (10.8) 91,121 2.3 87,549 (1.7) 527,948 (4.5) 513,798 (7.1) 3,090 (4.9) 2,885 (11.2) 2,043 (9.4) 1,920 (14.9)
2021 88,401 5.6 82,414 2.5 19,427 5.7 16,911 (0.4) 98,522 8.1 92,512 5.7 536,681 1.7 505,582 (1.6) 3,167 2.5 2,935 1.7 2,188 7.1 2,006 4.5
2022 91,939 4.0 87,882 6.6 20,152 3.7 18,793 11.1 103,621 5.2 98,224 6.2 548,102 2.1 529,637 4.8 3,256 2.8 3,105 5.8 2,284 4.4 2,177 8.5
2023 95,151 3.5 91,813 4.5 20,760 3.0 19,574 4.2 109,582 5.8 104,394 6.3 559,902 2.2 547,465 3.4 3,370 3.5 3,256 4.9 2,333 2.1 2,257 3.7
2024 98,135 3.1 94,954 3.4 21,356 2.9 20,252 3.5 115,489 5.4 110,308 5.7 565,163 0.9 553,935 1.2 3,445 2.2 3,341 2.6 2,373 1.7 2,302 2.0
2025 100,877 2.8 97,888 3.1 21,900 2.5 20,939 3.4 121,028 4.8 115,911 5.1 569,885 0.8 557,889 0.7 3,496 1.5 3,401 1.8 2,404 1.3 2,336 1.5
Sources: National statistical agencies, Moody’s Analytics