Money Supply Growth in Major Economies (2019–2023)

Money Supply (Broad Money M2/M3) Index, 2018-100, National Currencies

During the COVID-19 pandemic, the growth rate of the money supply (measured by broad money aggregates such as M2 or M3) increased in major advanced economies, while it remained relatively stable in many emerging markets and developing countries. From January 2020 to January 2022, the money supply surged in the United States by 40.1%, in the Euro Area and the United Kingdom by around 20%, in Japan by 11.4%, and in Switzerland by 8.2%. Over the same period, the money supply in China and India increased by 20.2% and 22.6%, respectively, returning to levels similar to those observed in 2019 and 2023.

However, in 2022 and 2023, the money supply decreased in the United States, the United Kingdom, and Switzerland, or remained relatively unchanged in the Euro Area and Japan. Meanwhile, it continued to increase by an average annual rate of around 10% in China and India.