Developed nations face a rising tide of government debt that poses “a significant challenge” to budgets as interest rates increase around the world, the OECD has warned.
Low interest rates have helped sustain high levels of government debt and persistent budget deficits since the financial crisis, according to the OECD, but the “relatively favourable” sovereign funding environment “may not be a permanent feature of financial markets”.
Fatos Koc, senior policy analyst at the OECD, cautioned that most members of the organisation — sometimes dubbed the rich nations’ club — confront an “increasing refinancing burden from maturing debt, combined with continued budget deficits”.
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