Government plans investment of up to 4.3% of GDP

The government announced today that it expects to spend an additional $50bn this fiscal year to combat the damage from the second wave of the coronavirus. It also laid out plans for an investment-focused stimulus of between $70bn to $100bn, or up to 4.3% of GDP, over the next three years. That is broadly in line with our expectations and should help the economy recover strongly once a vaccine is rolled out.