Is the era of free and easy public debt coming to an end? Governments around the world have been able to spend large sums of money to mitigate the economic devastation caused by the pandemic, spending mainly financed by debt. Debt increased by about $ 20 trillion (€ 16.5 trillion) last year, bringing the key global debt-to-GDP ratio to the level last seen at the end of World War II.
The indebtedness of the Irish government in 2020 was not as bad as feared nor, in relation to the size of our economy, were we among the largest borrowers in the world.
This is mainly due to a better than expected economic result. At the end of last …
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