National debt of the United States
The financial crisis and the pandemic have led to an increase in the public debt from about 15% of GDP in 2008 up to over 47% of GDP at the end of 2020, with a fiscal consolidation with an average annual deficit correction rate of approx. 1.5% of GDP to stabilize the debt at just over 50% of GDP by 2024, says the president of the Fiscal Council, Daniel Daianu.
Turkey's current account balance posted a deficit of $683 million, down $1.3 billion from the same month last year, the Turkish Central Bank announced on Sept. 13.
With July figures, the current account deficit saw its eleven-month low.
According to the balance of payments figures released by the bank, the country's 12-month rolling deficit totaled almost $27.8 billion.
The current account balance of payments deficit has increased by 2.74 billion euro in the first five months of this year, to 5.947 billion euro, from 3.207 billion euro in the January - May 2020 period, according to data of the National Bank of Romania sent on Wednesday to AGERPRES.
The current account of payment balance registered during Q1 of 2020 a deficit of 2.549 billion Euro, against 990 million Euro during the period of January - March 2020, according to the data published on Friday by the National Bank of Romania (BNR).
Last year closed with the general government debt at 338 billion euros and cash reserves at €31 billion. The Finance Ministry is now waiting for the final figures on the 2020 gross domestic product and the extent of the recession to establish how far above the 200% level the ratio of debt to GDP will rise.
The government will submit to Parliament in September a new payment schedule for debts to the state incurred during the coronavirus pandemic.
These new debts will be paid either in 12 interest-free installments in 2021 or 24 low-interest installments. The amount of unpaid taxes and previous debt settlements that froze during the period from March to May exceeds €2 billion.
Global debt hit an all-time high with $255 trillion in 2019, topping 322% of gross domestic product (GDP), the Institute of
International Finance (IIF) said on April 7.
"Following a moderate rise of $3.3 trillion in 2018, the pace of debt accumulation was much faster at over $10.8 trillion in 2019," the IIF said in a statement.
The global debt-to-GDP ratio hit a new all-time high of over 322 percent in the third quarter of 2019, with total debt reaching close to a record $253 trillion, the Institute of International Finance (IIF) has said.
Total debt across the household, government, financial and non-financial corporate sectors surged by some $9 trillion in the first three quarters of last year.