WASHINGTON : Public debt is higher and growing faster than projected before the COVID-19 pandemic, driven mainly by the United States and China, the world's two largest economies, the International Monetary Fund's top fiscal expert said on Wednesday.Sixty percent of countries are projected to see their pu
WASHINGTON : Public debt is higher and growing faster than projected before the COVID-19 pandemic, driven mainly by the United States and China, the world's two largest economies, the International Monetary Fund's top fiscal expert said on Wednesday.
Rather than normalizing, the ratio was expected to start rising again this year, hitting 99.6 per cent of GDP in 2028, the last year of the IMF's forecast horizon, he said. The IMF's report warned that risks were high, and reducing debt vulnerabilities should be an"overriding priority," especially in low-income developing countries where 39 countries were already in or near debt distress.
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