Netherland External Debt as a % of GDP Highlights in 2020
Netherland’s external debt as a % of GDP hit 445.6% in 2020, a decrease of 2.9% over the previous year. Between 2010 to 2020, the Netherlands’ external debt as a % of GDP decreased by 9.8%.
Government finances have been severely impacted due to various support measures and low tax revenues, due to the outbreak of the coronavirus pandemic. According to the IMF, the general government gross debt in 2019 was 47.60% of GDP, which increased to 53.97% of GDP in 2020. The general government gross debt is forecasted to increase to 56.08% of GDP in 2021. The authorities adopted a law to facilitate debt restructuring for companies facing financial difficulties. The law is intended to prevent bankruptcies.
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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