Global public debt, fiscal deficits to reach all-time high in FY21: IMF

A top IMF official on Friday warned that the global public debt is expected to exceed 100 per cent of the GDP in 2020-21, and the average overall fiscal deficit is expected to soar to 14 per cent of the GDP in 2020, pointing out that never have public debt and deficits risen so high and so fast.

The steep contraction in output and ensuing fall in revenues along with a sizeable discretionary support have led to a surge in the government debt and deficits, Vitor Gaspar, Director of the International Monetary Fund (IMF's) Fiscal Affairs Department told PTI.

Global public debt