Catherine Bosley
Word Count: 109
The governments of industrialized economies will borrow a record $11t this year, topping even the peak hit in the aftermath of the financial crisis, the OECD said. It said while the fiscal expansion because of the 2008 crash "synchronized to a large extent across the OECD area," the recent rise in gross borrowing-to-GDP ratios has been confined to a few countries, particularly the U.S. The U.S. now has the largest share of marketable debt among OECD nations, ahead even of Japan. Germany no longer ranks among the top five borrowers and even crisis-plagued Italy's piece of the pie has diminished. The U.K. now ranks fifth.
(Bloomberg) -- The governments of industrialized economies will borrow a record $11 trillion this year, topping even the peak hit in the aftermath of the financial crisis, according to the OECD.
The Paris-based body said while the fiscal expansion because of the 2008 crash “synchronized to a large extent across the OECD area,” the recent rise in gross borrowing-to-GDP ratios has been confined to a few countries, particularly the U.S.
The U.S. now has the largest share of marketable debt among OECD nations, ahead even of Japan. Germany no longer ranks among the top five borrowers and even crisis-plagued Italy’s piece of the pie has diminished. The U.K. now ranks fifth.
--With assistance from Zoe Schneeweiss.
To contact the reporter on this story: Catherine Bosley in Zurich at cbosley1@bloomberg.net
To contact the editor responsible for this story: Fergal O'Brien at fobrien@bloomberg.net
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