Higher inflation has bolstered advanced economies’ public finances, the IMF said on Monday, as it called on governments to use the windfall to cut deficits.
Research published by the fund showed that the surprise surge in prices over the past couple of years helped lower debt burdens substantially.
According to the IMF’s data, high inflation led the US’s net debt burden to fall from 99 per cent of gross domestic product in 2020 to 95 per cent in 2022, despite the country’s large pandemic-era budget deficits. Italy’s net debt burden fell from 142 per cent of GDP to 135 per cent.
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