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COVID-19 impact: German finance minister expects public debt to reach 80% of GDP

Current finance ministry forecasts foresee public debt reaching 75% of gross domestic product by the end of 2021

twitter-logoReuters | September 21, 2020 | Updated 14:53 IST
COVID-19 impact: German finance minister expects public debt to reach 80% of GDP

Finance Minister Olaf Scholz said on Monday he expected public debt to reach around 80% 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% of gross domestic product by the end of 2021.

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

Also read: COVID-19 crisis: Global economic recovery likely to take 5 years, says World Bank chief economist

Also read: Global GDP to reach pre-COVID levels by mid-2021, says Deutsche Bank

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