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The Global Dance of Aid
Assessing the Impact of COVID-19 Stimulus Packages
By: Muhammad Ahsan Farooq C2H 18499
As the COVID-19 pandemic spread over the world, lives were turned upside down
and economies faltered. Governments responded by launching an unprecedented
financial ballet consisting of trillion-dollar stimulus packages meant to lessen the
impact on the economy. However, in this worldwide assistance dance, how many
steps landed solidly while others stumbled?
These packages were astonishing in their size. Governments provided economic
lifelines in many different ways, such as direct payments to residents, unemployment
benefits, loans and grants to enterprises, and support for healthcare systems.
Examples of these include the $2.8 trillion CARES Act in the United States and the
$2 trillion stimulus plan in Japan. Definitely, this quick action saved the economy
from plunging even more. Research indicates that in the absence of these initiatives,
the world GDP would have decreased by 8.5%.