All countries of the world have spent more than $ 13 trillion on the fight against coronavirus, Nikkei writes about this, citing expert estimates.
The amount takes into account the package of measures agreed in the US Congress to stimulate the country’s economy by almost $ 900 billion. According to experts, in 2021, the global public debt will reach 125 percent of total GDP.
The total damage to the world economy will seven trillion dollars by the end of 2021 from – for the coronavirus pandemic. This forecast was previously given by the chief economist Organization for Economic Cooperation and Development (OECD) Laurence Boone.
In advanced economies, the national debt in July this year was equal to 128 percent of world GDP. After World War II, advanced countries were able to quickly cut debt levels thanks to economic growth. By 1959, the debt to GDP ratio had more than halved to less than 50 percent. However, this time it will be more difficult to achieve such results, analysts believe.