Table 2.

IMF Growth Projections versus Outturns (2020Q4 over 2019Q4 in percent) and the Size of Fiscal Support in 2020 (in percent of GDP).

	IMF Proj. April 2020	Actual	Fiscal Support			IMF Proj. April 2020	Actual	Fiscal Support
Australia	−7.2	−1.1	16.1		Argentina	−7.2	−4.4	3.9
Austria	−6.6	−5.7	11.7		Brazil	−5.8	−1.2	8.8
Belgium	−5.2	−5.4	8.0		Chile	0.2	−0.1	8.2
Canada	−5.4	−3.2	14.6		China	4.9	6.2	4.8
Finland	−3.6	−1.1	2.5		India	7.4	0.4	3.3
France	−5.0	−4.5	7.6		Indonesia	2.8	−2.1	4.5
Germany	−5.2	−2.8	11.0		Malaysia	1.7	−3.5	4.5
Italy	−7.2	−6.2	8.5		Mexico	−7.4	−4.4	0.7
Japan	−3.2	−1.4	15.9		Peru	−3.8	−1.7	7.3
Korea	−1.3	−1.4	4.5		Philippines	−0.2	−7.9	2.7
Netherlands	−6.6	−2.9	4.5		Saudi Arabia	−0.5	−4.0	2.2
New Zealand	−7.0	1.1	19.3		South Africa	−7.2	−4.2	5.9
Norway	−8.5	−0.7	4.2		Thailand	−3.4	−4.6	8.2
Singapore	−3.1	−2.4	16.0		Turkey	−8.4	5.8	1.9
Spain	−7.0	−9.1	7.6
Sweden	−4.8	−2.1	4.2
Switzerland	−7.4	−1.7	7.3
United Kingdom	−5.3	−9.5	16.2
United States	−5.4	−2.4	25.5

Sources: Fiscal Monitor Database of Country Fiscal Measures in Response to COVID-19; Haver Analytics. Notes: Fiscal Support includes discretionary spending and revenue measures in response to Covid-19 and its economic fallout since January 2020.