The IMF estimates that since March 2020 and up to October 2021, $ trillion or 16.4 per cent of global GDP had been pledged as fiscal support in response to the pandemic, with US $ 14.5 trillion provided by advanced economies (AEs) and US $ 2.4 trillion provided by emerging market economies (EMEs), including the least developed countries.
The total monetary support was $ trillion or 18.4 per cent of global GDP, US $ 16.1 trillion by AEs and $ 2.9 trillion by EMEs. What guided this once-in-a-lifetime policy response, given the collective oblivion that I talked about earlier? It was the global financial crisis of 2008.