Answer: It’s complicated. Although the IMF and World Bank have correctly noted the G20 has spent significantly more than they did in 2008-2009, there is difference between the members. This new map and accompanying visualizations shows how some countries – including the US and Japan – are doing much more than they did in the last crisis, while others – including China and India –  are, so far, doing significantly less on the fiscal side.

G20 fiscal firepower heat map

This map demonstrates how current fiscal stimulus packages by G20 nations compare to measures taken after the Global Financial Crisis (GFC).

Of the G20 countries, Japan has taken the most drastic fiscal stimulus measures in 2020. Saudi Arabia has had the most significant shift in fiscal measures in the opposite direction.

The table below shows the shift in fiscal stimulus measures with the additional context of GDP changes from 2008 to 2019. 2019 figures are estimates based on IMF data.