Spain External Debt as a % of GDP Highlights in 2020
Spain’s external debt as a % of GDP hit 197.1% in 2020, an increase of 17.1% over the previous year. Between 2010 to 2020, Spain’s external debt as a % of GDP increased by 19.5%.
Spain has a higher level of government debt compared to its European counterparts. The country’s general government debt stood at 119.92% of GDP in 2020, compared to 69.06% of GDP in Germany the same year, according to the IMF. This high level of government debt is a threat to the country’s macroeconomic stability in the long term. It increases the risk of amplified macroeconomic and asset price shocks. According to the IMF, in 2021, Spain’s general government gross debt is forecast to rise further to 120.22% of GDP.
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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