The Economics Program at CSIS is closely watching the Covid-19 pandemic, the abrupt shock to the global economy, and responses to the crisis. We are actively tracking and cataloging different types of fiscal spending from Group of Twenty (G20) economies and consolidating responses from international financial institutions (IFIs). We are also releasing periodic analysis and commentary on U.S. and international efforts to mitigate the economic impact of the virus, including successes and failures of global coordination. We welcome your thoughts and questions at firstname.lastname@example.org.
Tracking the International Financial Institutions’ Response
Analysis and Commentary
The CSIS Economics Program hosts a discussion with Under Secretary of Treasury for International Affairs Brent McIntosh on the new Common Framework for Debt Treatments and what it will mean for countries hit hardest by the economic fallout from the Covid-19 pandemic.
Online Event: The Effects of Covid-19 on Latin America and the Economic Outlook
September 23, 2020 | Stephanie Segal, Daniel F. Runde
The CSIS Americas Program and the CSIS Economics Program hosts a discussion on how the Covid-19 pandemic is affecting the outlook in Latin America.
CSIS Economics Program experts Matthew P. Goodman, Stephanie Segal, and Jonathan E. Hillman look ahead to the coming year and highlight five issues in international economic affairs they will be tracking in 2021.
The president-elect should call for a gathering of the G20 in early 2021 focused on boosting the near- and medium-term global economic outlook, tackling the health crisis, supporting emerging markets and low-income countries, promoting openness, and other top priorities.
Tracking G20 Countries’ Fiscal Response
As of June 29, 2020:
$7.6 trillion in total fiscal support
$4.1 trillion in direct government spending
$2.6 trillion in credit enhancements
$0.8 trillion in tax relief
- We estimate fiscal support from G20 countries now exceeds 11 percent of 2019 G20 GDP.
- Fiscal support in G20 advanced economies averages 13.8 percent of GDP while fiscal support in G20 emerging market economies averages 4.7 percent of GDP.
- G20 loan guarantee frameworks exceed $3 trillion but have had limited usage
- The United States faces an “income cliff,” or a sharp drop in personal earnings, at the end of July when key fiscal support expires.