News ID: 274489
Published: 1227 GMT September 21, 2020

German finance minister expects public debt to peak at 80% of GDP

German finance minister expects public debt to peak at 80% of GDP
HANNIBAL HANSCHKE/REUTERS
German Finance Minister Olaf Scholz

Finance Minister Olaf Scholz said on Monday he expected public debt to reach around 80 percent of Germany’s economic output by the end of the coronavirus crisis, the level it reached at the end of the global financial crisis.

Current finance ministry forecasts foresee public debt reaching 75 percent of gross domestic product by the end of 2021, publicdebtnet.org reported.

“We will probably see it (public debt) rise on the order of the increase we saw last time, so to around 80 percent, by the time this thing ends,” he said in a speech to a conference on business in eastern Germany.

   
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