Germany’s public debt reaches an all-time high

Germany’s total public debt reached 2.368 trillion euros (about 2.6 trillion dollars) at the end of 2022, according to data from the Federal Statistical Office published this Friday. According to German media, this sum represents a historical maximum and exceeds that of 2021 by 2%.

Of this volume of debt, 68.4% represents the debt of the federal government, while 25.6% corresponds to the provinces and 5.9% to the municipalities and their associations. Furthermore, the debt is equivalent to 28,164 euros (about $31,000) for each German citizen. The German debt in 2022 represents 66.40% of GDP.

Previously, the International Monetary Fund (IMF) warned that the German economy will shrink by 0.3 percentage points in 2023. In addition, experts point out that Germany will have difficulty exiting the recession phase this year and is likely to become in the world’s worst performing major economy.

For his part, Carsten Brzeski, economist at the Dutch bank ING, indicated that Germany is “stuck in the twilight zone between stagnation and recession, the so-called ‘slow cession’, and urgently needs a new reform agenda.” With RT

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