The head of the IMF has warned of an “unforgiving” economic backdrop for government finances around the world as she highlighted a widespread reluctance among politicians to rein in spending and raise taxes.
Kristalina Georgieva, the fund’s managing director, said rising levels of borrowing meant a growing share of government revenues was being used to cover interest payments, while “lacklustre” growth heightened the challenge of curbing debts.
“Our forecasts point to an unforgiving combination of low growth and high debt — a difficult future,” said Georgieva. Countries faced “high and rising public debt — way higher than before the pandemic”, she added, even after a fall in debt-to-GDP levels as inflation lifted nominal growth.
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