quarta-feira, 21 de março de 2012

O peso da dívida pública

A recent study from the World Competitiveness Center of Swiss business school IMD suggests that the largest "old" industrialized nations will suffer a "debt curse" lasting decades – in the worst case lasting until 2084. The IMD defines "bearable" public debt as being 60% or less of GDP and estimates the "time horizons" in which the nations will revert to bearable public debt, assuming they gradually reduce their budget deficits to reach equilibrium by 2015 and devote 1% of their GDP to repayment of debt. It also assumes that as of 2015 each nation resumes a GDP growth rate equivalent to its average rate from 2000 to 2009.
The 10 nations with longest time horizons are:

• Japan: 2084                     
• Italy: 2060
• Portugal: 2037  
• Belgium: 2035
• U.S: 2033
• Iceland: 2032
• Greece: 2031
• France: 2029
• Germany: 2028
• U.K: 2028
Of those, Japan, Italy and Belgium's creditors are mainly domestic institutions. However, Greece and Portugal have a higher percent of their debt in the hands of foreign creditors, which is seen by analysts as being more difficult to sustain. In addition those two countries, along with Spain, have a "credibility problem," according to the IMD, because on top of the debt crisis they lack the means to adequately repay it (i.e., growth rate, current account balance, investments abroad, etc.). 

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