During the financial crisis of 2007-2008 and the subsequent recession, many of the world's largest countries increased their government expenditure in order to backstop financial markets, provide a stimulus to the non-financial economy, or to bail-out companies and institutions which were in danger of bankruptcy. China and the United States led the way in stimulus spending, as the Chinese announced a package worth 600 billion U.S. dollars in 2008, while the Troubled Asset Relief Program (TARP) and the American Recovery and Reinvestment Act (ARRA) in the U.S. had a combined announced value of around 1.5 trillion U.S. dollars. The increase in China's government expenditure was particularly notable, as it represented an increase of almost one-third from 2007 to 2009.
Annual general government expenditure as a percentage of gross domestic product (GDP) for selected major economies during the Great Recession from 2007 to 2011
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IMF. (October 1, 2022). Annual general government expenditure as a percentage of gross domestic product (GDP) for selected major economies during the Great Recession from 2007 to 2011 [Graph]. In Statista. Retrieved December 21, 2024, from https://www.statista.com/statistics/1349349/great-recession-government-expenditure-gdp-major-economies/
IMF. "Annual general government expenditure as a percentage of gross domestic product (GDP) for selected major economies during the Great Recession from 2007 to 2011." Chart. October 1, 2022. Statista. Accessed December 21, 2024. https://www.statista.com/statistics/1349349/great-recession-government-expenditure-gdp-major-economies/
IMF. (2022). Annual general government expenditure as a percentage of gross domestic product (GDP) for selected major economies during the Great Recession from 2007 to 2011. Statista. Statista Inc.. Accessed: December 21, 2024. https://www.statista.com/statistics/1349349/great-recession-government-expenditure-gdp-major-economies/
IMF. "Annual General Government Expenditure as a Percentage of Gross Domestic Product (Gdp) for Selected Major Economies during The Great Recession from 2007 to 2011." Statista, Statista Inc., 1 Oct 2022, https://www.statista.com/statistics/1349349/great-recession-government-expenditure-gdp-major-economies/
IMF, Annual general government expenditure as a percentage of gross domestic product (GDP) for selected major economies during the Great Recession from 2007 to 2011 Statista, https://www.statista.com/statistics/1349349/great-recession-government-expenditure-gdp-major-economies/ (last visited December 21, 2024)
Annual general government expenditure as a percentage of gross domestic product (GDP) for selected major economies during the Great Recession from 2007 to 2011 [Graph], IMF, October 1, 2022. [Online]. Available: https://www.statista.com/statistics/1349349/great-recession-government-expenditure-gdp-major-economies/
