According to the US Congressional Budget Office forecast yesterday, Wednesday, the size of the federal debt will be approximately equal to the size of the entire GDP this year, amid the increasing financial imbalance in the country as a result of the measures. Governmental agency in response to the emerging coronavirus (Covid 19).
The office said in its report on Wednesday that it expects the federal budget deficit to reach $ 3.3 trillion in 2020, more than three times the deficit recorded in 2019.
He explained that this is mostly due to the economic turmoil caused by the Corona pandemic and the enactment of legislation in response to it.
He also expected that the deficit in 2020 will be the largest since 1945 (World War II), reaching 16% of GDP.
and added that the average deficit during the period 2021-2030 will be two percentage points greater than the average annual deficit over the past 50 years.
It is also expected that the federal debt owned by the public will rise sharply to 98% of GDP in 2020 and will exceed 100% in 2021 and rise to 107% In 2023, the highest in US history.
(Amazon Fun Knowledge)
