The US government’s debt burden is on track to exceed levels in both Italy and Greece for the first time this century, according to IMF forecasts, underscoring the parlous state of America’s public finances.
General government gross debt in the US will rise by more than 20 percentage points from now to reach 143.4 per cent of the country’s GDP by the final year of the decade, IMF forecasts show, exceeding previous records set after the pandemic.
That comes as the IMF estimates that the US budget deficit will hover above 7 per cent of GDP every year until 2030 — the highest of any rich nation tracked by the fund for this year and the rest of the decade.
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