According to Fitch Ratings, aggregate direct fiscal stimulus measures for the “Fitch 20” countries, such as the US, UK and Australia, have totalled over $5 trillion, which is 7% of those countries’ 2019 GDP. This outweighs the scale after the global financial crisis, when the advanced economies undertook a fiscal easing of only 3% to 4% of GDP.

That said, is the global response enough to ward off the much feared global recession which some have said could be worse than the Great Depression of the 1930s?