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Abstract
The article examines the current tendencies of the government indebtedness in the world. It proves the rapid growth of the government debt in the different countries around the world after the 2008–2009 financial crisis and analyzes the reasons for government debt increase in particular countries and its consequences. The study is devoted to the research of the government debt in developed and developing countries. Particular attention is paid to the government debt of Japan, the USA, the European Union countries. In the article, the government debt of Ukraine, its tendencies, and consequences for the economy are analyzed. The state borrowings in Ukraine are often used for financing the servicing and payment of the existing debt. Government debt can be an important investment source and used for the development of the economies. But in the conditions of its rapid and unlimited growth, government indebtedness can be a burden for the economy.
Highlights
Government debt is an ordinary phenomenon of the world economy
One of them is the increase in the government debt of countries around the world
Government borrowings can be important investment source for the development of the economies of the countries and increase the level of its competitiveness, though, in the case of post-crisis recovery and existence of high levels of government indebtedness, public debt of countries is mostly used for current needs and for refinancing the existing indebtedness
Summary
Government debt is an ordinary phenomenon of the world economy. The financial crisis of the years 2008–2009 caused the rapid growth of the government debt of countries around the world. It is an ordinary element of economic crisis: economic slowdown causes the fiscal deficit, and countries are forced to borrow on the internal and external markets. The rapid growth of government debt can influence the economies of countries. Many years have passed after the financial crises, but a range of countries still have a high level of government debt, continue to borrow. It is important to analyze the countries with the highest level of government indebtedness, reasons for debt growth and further risks for the countries
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