IMF warns of decade of restraint ahead; Public debt in developed economies of G-20 to rise to 118% of GDP by 2014
Nov 4th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The International Monetary Fund (IMF) warned on Tuesday that sweeping spending cuts and tax increases will be required across the developed world over the next decade to bring public finances under control following the economic crisis. The Fund projected that on current trends, allowing for some discretionary fiscal tightening next year, public debt in the developed economies of the G-20 countries will rise to 118 per cent of gross domestic product (GDP) by 2014.