The United States has helped deal with the pandemic, and the ensuing economic crisis, with a succession of stimulus packages, including two in 2020 and a third earlier this year.
Now, it appears, other countries are planning similar moves.
The European Union, earlier this week, announced plans to raise funds from public markets to raise 750 billion euros ($917 billion) for its member nations, in a plan called NextGenerationEU.
Stimulus is also happening in other parts of the world.
Ireland has announced plans for a $4.3 billion stimulus package which, per Stansberry Research, is meant as “a way to speed up the economic recovery to pre-pandemic levels.” The package, among other things, will include tax breaks for Ireland’s hospitality sector, and aid to businesses.
Also, India is planning a new stimulus initiative, which is currently suffering one of the world’s worst coronavirus outbreaks. India is “preparing a stimulus package for sectors worst affected by a deadly coronavirus wave, aiming to support an economy struggling with a slew of localized lockdowns,” Bloomberg News reported last week. The tourism, aviation and hospitality sectors are specifically being targeted.
“The government doesn’t have too much leeway, although the recent RBI dividend provides some cushion,” Teresa John, an economist at Nirmal Bang Equities Pvt., told Bloomberg News. “The stimulus may be mostly additional guarantees and tax concessions, maybe demand boosting measures once opening up starts. All these may not involve a large government spending.”
In the Philippines, the House of Representatives this week unanimously passed a stimulus bill called the Arise as One Bill, per B World Online. The bill, which is the country’s third, is worth P400 billion, or about $8.3 billion in U.S. dollars.
Over in Thailand, another stimulus bill was passed June 1, the Bangkok Post reported. That one is worth B140bn- the equivalent of $4.5 billion - and is meant to “counter the impact from the nation’s biggest coronavirus outbreak yet,” the newspaper said.
The stimulus, the Bangkok Post said, will consist of “cash handouts to welfare-card holders and special groups, co-payments and cash rebates,” and follows an earlier payment that went out last month.
And in Pakistan, per Business Standard, new finance minister Shaukat Tarin is considering a stimulus package, to support that nation’s economy. Tarin was appointed in April.
While nothing is final, Pakistan is said to be considering “incentives in collaboration with the central bank or packages targeted at the poor,” while also looking to renegotiate the terms of its bailout package with the International Monetary Fund. Pakistan had earlier distributed 203 billion rupees ($1.3 billion) to some of its poorest citizens, as part of an earlier round of economic stimulus.
Stephen Silver, a technology writer for the National Interest, is a journalist, essayist and film critic, who is also a contributor to The Philadelphia Inquirer, Philly Voice, Philadelphia Weekly, the Jewish Telegraphic Agency, Living Life Fearless, Backstage magazine, Broad Street Review and Splice Today. The co-founder of the Philadelphia Film Critics Circle, Stephen lives in suburban Philadelphia with his wife and two sons. Follow him on Twitter at @StephenSilver.