Drivers of Public Debt in East Asia and Pacific Economies

• Tác giả: Ergys Islamaj
• Ngôn ngữ: eng
• Ký hiệu phân loại: 920.05 Biography, genealogy, insignia
• Thông tin xuất bản: World Bank, Washington, DC, 2023
• Bộ sưu tập: Tài liệu truy cập mở
• ID: 293789
• Chủ đề: 1. COVID-19 ECONOMIC RECOVERY; 2. DEBT ACCUMULATION DRIVERS; 3. DEBT RATIO; 4. PUBLIC DEBT; 5. PUBLIC DEBT TO GDP RATIO

Tóm tắt

Public debt in developing East Asia and Pacific (EAP) economies has increased markedly since the recession in 2020 induced by COVID-19 pandemic. This brief uses standard debt dynamic accounting decomposition to quantify the main drivers of debt accumulation in developing EAP countries since 2000. In the aftermath of the COVID-19 pandemic, larger primary deficits have been the main drivers of the increase in the ratio of public debt to GDP in most developing EAP economies. While strong GDP growth and, to a certain extent, inflation have helped deflate public-debt-to-GDP ratios during the past two decades, they have, on average, been more muted since the COVID-19 shock.