Total state debt of Eurozone to be above 100% of GDP in 2020
BRUSSELS. KAZINFORM The total state debt of nineteen Eurozone countries will be above 100% of their total GDP in 2020 for the first time in history due to the coronavirus pandemic and will amount to 101.7% of GDP, the European Commission says in its economic outlook released on Thursday.
It will grow in 2021 to 102.3% and will continue rising in 2022. The total state debt of 27 EU member countries is forecast to be at the level of 104.4% of GDP in 2020, 111% in 2021, and 113.7% in 2022, TASS reports.
In addition to ordinary budget expenditures of the EU, member states plan to further attract over 750 bln euro during the next seven years to finance government grants to the economy in order to fund the economic recovery after the coronavirus pandemic.
Greece has a record-breaking state debt in the Eurozone totaling 207.1% of GDP, followed by Italy with that of 159.6% of GDP.