The COVID-19 Outbreak has prompted all the countries into crisis-resolution mode, as Governments everywhere came up with financial packages to try and lessen the blow of this virus on the respective economies.
In fact, as at 7th April, countries around the world had approved more than €4.5tn worth of emergency measures, according to the IMF. That figure has only grown in the weeks since.
Columbia University economics professor Ceyhun Elgin has tracked the responses in 166 countries.
By his calculations, Malta’s response has been among the most aggressive, with a spending package estimated at more than 20% of the country’s economy. It is followed by Japan.
That compares to rescue spending estimated at roughly 14% of GDP in the US, 11% in Australia, 8.4% in Canada, 5% in the UK, 1.5% in Colombia and 0.6% in Gambia.