The World Budged for the Fight against Coronavirus Has Been Calculated
OREANDA-NEWS. All countries of the world have spent more than $13 trillion on the fight against coronavirus, writes Nikkei, citing expert estimates.
The amount takes into account the package of measures to stimulate the country's economy by almost $900 billion, agreed upon in the US Congress. According to experts, in 2021, the global public debt will reach 125 percent of total GDP.
The total damage to the global economy will amount to $7 trillion by the end of 2021 due to the coronavirus pandemic. This forecast was previously given by the chief economist of the 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.