Italy External Debt as a % of GDP Highlights in 2020
Italy’s external debt as a % of GDP hit 138.5% in 2020, an increase of 12.4% over the previous year. Between 2010 to 2020, Italy’s external debt as a % of GDP increased by 20.1%.
The country had a gross debt of 155.6% of GDP in 2020, according to IMF estimates. The previous government has taken steps toward fiscal consolidation and undertaken structural reforms to halt the mounting debt and reduce the deficit. In addition, the previous government also took measures to revive the competitiveness of the economy. The lingering debt crisis has weighed on Italy’s growth rate, with the economy registering an annualized growth rate of 0.71% in 2011.
Outlook on Global Economy
Real GDP is measured using inflation-adjusted base year prices. Real GDP changes are a measure of economic growth and show whether there has been an increase or decrease in the volume of economic activity.
According to real GDP, the world's top five economies are the United States, China, Japan, Germany, and India. After the US, China had the largest real GDP in 2021 with a value of $12.7 trillion in 2021. With a $6 trillion real GDP during the same period, Japan came in third place globally. Germany and India are the other two largest leading economies, with real GDPs of $3.8 trillion and $2.9 trillion, respectively.
Factors Affecting the Global Economy
A rise in COVID-19 cases:
As a result of Omicron, a new variant of COVID-19, more cases have been reported worldwide, resulting in the disruption of supply chain management. However, the global vaccination drive has reduced the fatality rate from the coronavirus.
Rising Inflation and Interest Rates:
As a result of rising inflation rates in both developing and advanced economies, central banks have been forced to tighten monetary policy and raise interest rates to keep prices from rising. However, a steady increase in interest rates could cause financial distress in some economies.
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