G-20 finance ministers meeting in London have committed to maintaining the economic stimulus packages put in place in response to the global economic recession. Finance ministers considered whether nations could begin to repeal some of the emergency economic measures but agreed to continue the “financial support measures and expansionary monetary and fiscal policies… until recovery is secured.”
The total amount of stimulus in the G-20 amounts to about $692 billion for 2009. The U.S. stimulus package for 2009 is 1.9 percent of its 2008 GDP and the corresponding numbers for China and Japan are 2.1 percent and 1.4 percent, respectively. In 2010 the U.S. stimulus package amounts to 2.9 percent of 2008 GDP, China’s 2.3 percent, and Germany’s 2.0 percent. (Table Prasad and Sorkin)
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