📈 Trends in Money Supply Growth Across Major Economies

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

The COVID-19 pandemic spurred significant growth in money supply (measured by broad aggregates like M2 or M3) in advanced economies, while many emerging markets and developing countries experienced relative stability. Between January 2020 and January 2022, money supply surged by 40.2% in the United States, approximately 20% in both the Euro Area and the United Kingdom, 11.4% in Japan, and 8.2% in Switzerland.

From 2022 to July 2024, money supply contracted in the United States and remained mostly stable in the Euro Area, Japan, the United Kingdom, and Switzerland. In contrast, China and India saw notable increases, with money supply growing by 27% in both countries.