Do All New York Times Readers Know How Much $857 Billion Is to the European Union?

July 22, 2020

Let me go out on a limb and speculate that the vast majority have no clue. This is why it would have been helpful to put the size of the European Union pandemic relief package in some context in this article on the negotiations.

The current GDP for the European Union is a bit over $18 trillion, which means that the rescue package would be roughly 4.5 percent of its GDP. This figure likely overstates the economic impact, since not all the money will be spent in a single year. It is also worth mentioning that most, if not all, EU countries have their own rescue packages, so this is far from the full sum that the EU is spending to offset the impact of the pandemic on their economies.

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