Eurozone public debt reaches 97% of total GDP
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As a result of a series of crises, the public debt of the euro area countries reached 97% of their total GDP. This was announced by the European Commissioner for Economic Affairs Paolo Gentiloni. According to him, record inflation could lead to a recession, but it can still be prevented.
“Government debt, of course, has grown as a result of all crises and now stands at 97% in the eurozone. The Eurozone is still growing slightly and showing low unemployment, but huge inflation continues to threaten a recession,” Mr. Gentiloni said upon arrival at an informal meeting of EU ministers in Prague (quoted by TASS).
He noted that in order to prevent the aggravation of the situation, it is necessary to take financial regulation measures and urgent actions to combat the energy crisis.
By data According to Bloomberg experts, the probability that the eurozone economy will face a recession rose in August from 45% to 60%. This is the highest level since November 2020. Inflation in the euro area accelerated to a record 9.1% in August.
How the European Union is fighting the crisis, read the material “Kommersant” “ECB raised rates as much as it could”.
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